OREANDA-NEWS. Skano Group AS (hereinafter referred to as Skano) has decided to acquire one hundred percent of the shares of Suomen Tuulileijona Oy (hereinafter referred to as STOY). STOY is the wholesaler of Skano fiberboard products on the Finnish market since 2013. Skano's goal with this acquisition is to secure its position on the Finnish market. Skano does not foresee significant growth in the Finnish sales volume with the acquisition of STOY.

The contract for this transaction was signed on June 30 and the transaction will be finalized this year during the month of July. The counterparty to the agreement is Suomen Kuitulevy Oy, who currently owns one hundred percent of the shares of STOY. The purchase price will be based on the results of a legal and financial due diligence and the financial situation as of 30.06.2014 that will be clarified during the month of July. The initial estimated transaction value is approximately 60 000 euros. The payment terms are 10 business days once the financial position of STOY is clarified.

With the ownership transaction the management board of STOY will change and the new members of the management board shall be Martin Kalle, Gregory Devine Grace and Anu Krimm. STOY has no supervisory board. Skano is aware that STOY is not involved in any lawsuits nor does it have any arbitration proceedings or claims against it. Currently Skano and STOY have a valid fiberboard wholesale contract.

This announced transaction does not constitute a related party transaction, and Skano management or supervisory board members do not have any personal interest.