Meko AB (OM : MEKO) entered into an agreement to acquire Koivunen Oy for enterprise value of SEK 1.4 billion on June 14, 2022. The enterprise value is SEK 1,280 million on a cash and debt free basis. The acquisition will be financed in cash through existing liquidity and bank facilities. Koivunen will continue to operate as a stand-alone business. Koivunen had net sales of approximately SEK 1,740 million and an EBIT of approximately SEK 98 million during the financial year 2021. The acquisition is expected to be completed during the third quarter of 2022. The acquisition is expected to have a positive effect on MEKO's earnings per share of SEK 1.50 - 2.00 and generate yearly recurring synergies of SEK 40 million with full effect expected during 2024. For Finland, Meko increased by around 150 branches and 240 workshops with the acquisition of Koivunen. SEB Corporate Finance acted as financial advisor to MEKO in relation to the acquisition. Hannes Snellman acted as legal advisor in relation to the acquisition.

Meko AB (OM : MEKO) completed the acquisition of Koivunen Oy on July 1, 2022.