Dovre Group completes Suvic acquisition
Dovre Group has today completed the acquisition of a 51% ownership of Suvic Oy, a Finnish windmill park construction and construction design company. All customary closing conditions were fulfilled and Suvic will be consolidated with Dovre Group as of 31 March 2021 and reported as part of the new renewable energy segment.
Dovre Group announced its intention to purchase 51% of Suvic Oy on March 10, 2021. In 2020, Suvic recorded revenue of EUR 32 million and an EBIT of EUR 0.9. The combined revenue of the two companies (pro forma) would have been around EUR 109 million and the combined EBIT around EUR 3.2 million for the full year 2020. The transaction costs related to the acquisition are estimated to be EUR 0.1 million including the share transfer tax of Finland.