Finland-headed forest industry and technology major Valmet Oyj has completed the acquisition of a stake in Neles Corporation from Solidium Oy, representing 14.88 percent of all Neles’ shares and votes.
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The transaction between Valmet and Solidium was announced on June 17, 2020. Neles Corporation was created in the partial demerger of Metso, in which Metso’s Flow Control business became the independent diversified valve, valve automation, and service company, Neles Corporation.
The agreed purchase price is EUR 8.00 per share, corresponding to a total transaction value of EUR 179 million at the signing, paid 100 percent in cash. The price will be adjusted based on Neles’ share price development during a certain limited time period.
The possible adjustment is paid or received by Valmet in cash. The adjustment agreed is customary and capped, and will not have a material impact on the transaction value.