STOCK EXCHANGE: EAB went up sharply after announcing plans to merge with Evli – Index down

The Helsinki Stock Exchange fell 1.1 percent on Friday.

Among other things, the index weighed Metso Outotec, which opened to 3.4 percent after rising sharply yesterday with a good result. The game company also saw a sharp decline From Remedy (-4.2%) and the IT company Qt:lta (-2,7 %).

Great too Valmet, Nokia tires and Konecranes went to a slip of more than two percent at the opening.

Rise to the top EAB (+ 18.1%) after the company announced its intention to merge married with. Another company on a strong rise had reported strong earnings growth in the first quarter Middle Soul (+8,7 %).

Alma also reported its first quarter results Elisa, QPR Software and Scanfil.

Scanfil and Elisa slightly exceeded analysts’ expectations. QPR’s result, on the other hand, was negative as expected.

QPR itself had forecast a weaker quarter in the first quarter in terms of both net sales and earnings, due in part to a EUR 0.5 million license acquisition in the previous year.

Evli and EAB are investigating the merger

Asset management companies Evli and EAB said they are planning a merger. The companies have today signed a letter of intent, according to which the companies will explore the possibility of merging EAB into Evli.

Following the proposed merger, Evli’s shareholders would own approximately 91 percent of the combined company’s shares and 99 percent of the votes, and EAB’s shareholders would receive a total of approximately 9 percent of the shares.

According to the release, the potential merger aims for permanent annual synergy benefits of approximately EUR 8 million, which would be achieved mainly from the beginning of 2023.

Preliminary estimates of Evli’s and EAB’s combined operating income in 2021 are approximately EUR 138 million and operating profit approximately EUR 59 million. At the end of 2021, customer assets managed by the companies amounted to approximately EUR 20 billion.

It has been less than three weeks since Evli’s previous acquisition took place. In early April, it divested itself of its banking business, which merged Fellow Financen with Fellow Banking.

By Editor

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