Solidium has today agreed to sell its 14.9 per cent stake, i.e. approximately 22.4 million shares, in future Neles Corporation to Valmet Oyj (”Valmet”). The purchase price is EUR 8.0 per share, totaling EUR 179 million. The purchase price is based on the recent implicit equity value of future Neles as part of the Helsinki Stock Exchange-listed Metso group (adjusted for the dividend decision by Metso Oyj).
The purchase price will be adjusted based on Neles’ share price development. In addition, the agreement includes an anti-embarrassment clause, according to which Solidium could be entitled to an additional cash payment in certain circumstances during a three-year period after the closing. The agreement includes a one-year lock-up period, during which Valmet may not dispose its shares in Neles without Solidium’s approval. Solidium retains the right of first refusal for a period of three years after the closing.
Solidium believes that Valmet, as a successful global industrial company and as the largest shareholder of future Neles, will be able to further support the profitable growth and value creation of Neles. Solidium further believes as the largest owner of Valmet (with a 11.1 per cent ownership share) that this investment is good for Valmet and all its shareholders. Valmet has issued a stock exchange release on 17 June 2020.
The transaction is expected to take place on July 1, 2020 when the demerger of Metso group has become effective and Neles is a listed company on the stock exchange.
Further information: CEO Antti Mäkinen, tel. +358 (0)10 830 8905
Solidium is a limited company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. The basis and core objective of Solidium’s strategy is proper, value-enhancing asset management of its current holdings. Through its stakes, Solidium is a minority owner in thirteen listed companies: Elisa, Kemira, Konecranes, Metso, Nokia, Nokian Tyres, Outokumpu, Outotec, Sampo, SSAB, Stora Enso, TietoEVRY and Valmet. The market value of Solidium’s investments is approximately 7.1 billion euros. Further information: www.solidium.fi