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:
Partner, Strategy and Transactions, EY Finland Managing Partner
+358 40 7092907
Director, Strategy and Transactions
+358 40 7443544
Partner, International Tax and Transaction Services
+358 40 5561181
Partner, Corporate M&A Law, HVG Law LLP (Part of the global EY network)
+31 6 21251682