Press release

6 Nov 2020 Helsinki, FI

Purmo Group acquires a majority share of Bosch Thermotechnology radiator factory in Russia – EY acted as financial, operational, tax and legal advisor

On 5 November 2020 it was announced that Purmo Group Ltd (“Purmo Group”), a Helsinki, Finland, headquartered leading provider of sustainable indoor climate comfort solutions, has signed an agreement to acquire 51% of the shares of a radiator factory owned by Bosch in Engels, Russia.

Press contacts
Mikko Äijälä

EY Finland, Nordic Strategy and Transactions, Managing Partner

Managing Partner at EY Finland. Mikko has an extensive experience of around 20 years on both domestic and foreign transaction advisory.

Kennet Pettersson

EY Finland, International Tax & Transaction Services, Partner

Head of Finnish competence groups for transfer pricing and international tax.

Related topics Strategy and Transactions

On 5 November 2020 it was announced that Purmo Group Ltd (“Purmo Group”), a Helsinki, Finland, headquartered leading provider of sustainable indoor climate comfort solutions, has signed an agreement to acquire 51% of the shares of a radiator factory owned by Bosch in Engels, Russia.

Bosch will continue to own 49% of the factory. After the transaction, the factory will produce radiators for both owner companies, based on annually agreed volumes. The new factory will be included in the Radiators division of Purmo Group.

Completion of the transaction is subject to customary closing conditions such as merger control clearance from authorities in some countries.

EY provided financial, operational, legal and tax due diligence as well as transaction legal advice services to Purmo Group. This transaction showcases global integration as well as teaming and cooperation across various EY service lines (financial, operational, tax and legal) and countries.

Read Purmo Group’s press release here link.

 

Contact details for more information:

Mikko Äijälä
Partner, Strategy and Transactions, EY Finland Managing Partner
+358 40 7092907

Elina Eriksson
Director, Strategy and Transactions
+358 40 7443544

Kennet Pettersson
Partner, International Tax and Transaction Services
+358 40 5561181

Matthijs Driedonks
Partner, Corporate M&A Law, HVG Law LLP (Part of the global EY network)
+31 6 21251682