The Tallinn office of Sorainen has advised YIT on the sale of its paving and mineral aggregates business in Estonia to KMG Inseneriehitus. Cobalt reportedly advised the buyer.
The deal is expected to close in the second quarter of 2021.
YIT is a Finnish developer of apartment buildings, business centers, and other urban projects. The company employs approximately 7,400 professionals in Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia, and Poland. According to Sorainen, approximately 170 YIT employees will be transferred to KMG as part of the transaction. The businesses sold in the transaction reported EUR 35 million in revenue in 2020.
Sorainen’s Estonian team consisted of Partner Piret Jesse, Counsels Lauri Liivat, Kaido Kunnapas, and Piibe Lehtsaar, Senior Associates Robin Teever and Lise-Lotte Laane, Associates Vladislav Leiri and Liisa Maria Kuuskmaa, and Legal Assistant Kadri Puu.