NCC, a construction and property developer, had signed an agreement in March 2011 for acquiring the paving and asphalt works of Destia, a Finland-based company. The Finnish Competition Authority performed a review of the signed agreement.
In early August, 2011, the authority declared that they were against this merger and requested NCC to file its petition in the Finnish Market Court for its approval. Later, the Finnish Market Court has approved the agreement under certain conditions.
Hence NCC decided to sign a new agreement stating acquisition of entire paving and asphalt works of Destia except the asphalt operation in the Helsinki locality, since the NCC’s previous agreement was approved under certain conditions. Now, the Finnish Competition Authority has approved the NCC’s new agreement without any reservations. The sales estimate of the newly acquired Destia’s business in the year 2010 is approximately SEK 375 million. Destia has been employed with about 80 people, who will be shifted to the NCC after this acquisition.
The complete charge takeover of the acquisition is expected to be in December of 2011. Both the companies have mutually agreed about non-disclosure of the purchase consideration. NCC has announced previously about its agreement with Destia by publishing it on March 24, August 5, November 2 and 10 in this year.
Source: http://www.ncc.se/press