All agreed loans

Finland. YIT Oyj

Date of loan: 20 Jan 2009
Country: Finland
Customer: YIT Oyj
Amount in EUR: EUR 25 million
Maturity: 10 years
NACE sector / loan type: Construction
Business area: Industries and services

Project

The 10-year-maturity loan totalling EUR 25 million has been provided for the acquisition of Austrian MCE AG's building system service business in Germany, Austria, Poland, the Czech Republic, Hungary and Romania. The acquisition totalling EUR 55 million was finalised in August 2008. The purchased operations employ about 1,900 people.

The acquisition will set a good basis for YIT's growth in Central Europe and help the company decrease its dependence on the cyclic construction market. After the acquisition, approximately 50% of YIT's revenue will come from the building system service business.

Established in 1912, Finnish YIT operates in construction, facility management, maintenance, services for telecommunications and electricity networks.

Sustainability summary

The acquisition of MCE AG's building system services is not regarded as having any significant environmental consequences. The acquisition mainly involves people, know-how and a back-log of projects. The transfer of know-how from YIT to MCE with respect to more energy-efficient solutions may result in some future positive indirect effects. YIT has conducted a due diligence in connection with the acquisition and the project is in accordance with NIB's environmental requirements.