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Merger of YIT and Lemminkäinen

YIT and Lemmink?inen merged on February 1, 2018

The Boards of Directors of YIT Corporation and Lemmink?inen Corporation decided on January 31, 2018, to complete the merger of Lemmink?inen and YIT in accordance with the merger plan signed on June 19, 2017. The merger was entered into the Trade Register and took effect on February 1, 2018.

The combination has created a financially strong company with urban development as the engine for growth and profitability. The companies’ business areas complement and balance each other and decrease sensitivity to economic cycles.

The combination is expected to create significant value for the shareholders of the combined company through decreased sensitivity to economic cycles and improved competitiveness providing a strong platform for growth.

In connection with its financial statements bulletin 2019, YIT has adjusted its estimate on the total amount and timing of the synergy benefits of the merger. Total synergy benefit measures done and decided by the end of 2019 amounted to approximately EUR 46 million and achieved cumulative synergy benefits impacting the result were approximately EUR 41 million, of which EUR 19 million were realised in 2018. The company has specified the synergy timetable and estimates that it will reach cumulative annual synergy benefits impacting the result EUR 47 million by the end of 2020.

The combination was implemented as a statutory absorption merger whereby Lemmink?inen was merged into YIT.

The Extraordinary General Meetings (each, an “EGM”) of YIT and Lemmink?inen held on September 12, 2017 approved the merger. The Finnish Competition and Consumer Authority (the "FCCA") announced on January 16, 2018 that it would approve the merger between YIT and Lemmink?inen as such. On January 26, 2018, the FCCA gave its final approval decision for the merger.


Stock Exchange Releases

February 1, 2018

YIT Corporation’s Board of Directors holds its organisational meeting, Group Management Team and Deputy CEO appointed

YIT announces the Group’s new segment structure and reporting practice

YIT’s Board of Directors confirms outlook and the most significant short-term business risks

January 31, 2018

YIT and Lemmink?inen will complete the merger

January 26, 2018

The FCCA has given the final approval decision for the merger of YIT and Lemmink?inen, which is intended to be completed on February 1, 2018

January 16, 2018

The FCCA will approve the merger of YIT and Lemmink?inen unconditionally and it will likely be completed on February 1, 2018

December 13, 2017

The Finnish Competition and Consumer Authority has been granted an extension until January 26, 2018 to investigate the merger of YIT and Lemmink?inen

December 11, 2017

The Finnish Competition and Consumer Authority applies for an extension for investigating the merger of YIT Corporation and Lemmink?inen Corporation

October 9, 2017

PEAB divested its holdings in Lemmink?inen: YIT no longer obliged to redeem shares

September 28, 2017

The Finnish Competition and Consumer Authority initiates further proceedings concerning the combination of YIT and Lemmink?inen

September 12, 2017

Resolutions passed at the Extraordinary General Meeting of YIT Corporation

The Extraordinary General Meeting of Lemmink?inen Corporation approved the merger of Lemmink?inen Corporation into YIT Corporation

September 7, 2017

YIT Corporation: Supplement to the Merger Prospectus

August 24, 2017

The FIN-FSA has approved YIT's and Lemmink?inen's merger prospectus and granted exemption from the obligation to publish listing prospectus

July 27, 2017

Notice to YIT Corporation’s Extraordinary General Meeting

June 19, 2017

YIT and Lemmink?inen to combine


Extraordinary General Meeting, September 12, 2017

Presentation material

Merger announcement, June 19, 2017

Presentation material

Webcast recording

Webcast transcript



June 19: Announcement

August 25: Publication of merger prospectus

September 12: Extraordinary General Meetings of Both companies


(Voluntary pro forma information will be given before Q1 results)

February 1: Merger completed

March 16: Annual General Meeting

March 20: Lemmink?inen final accounts

April 11: Lemmink?inen shareholders’ meeting

April 26: Interim Report January-March 2018