Business Services Industry
Kesko Corporation sells its financial services subsidiary
Nordic Business Report, Dec 21, 2007
NORDIC BUSINESS REPORT-21 December 2007-Kesko Corporation sells its financial services subsidiary(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Finnish trading house Kesko Corporation said on Friday (21 December) that it has signed an agreement with the Finnish financial group OKO Bank plc by which OKO Bank acquires the share capital of K-Rahoitus Oy, a subsidiary wholly owned by Kesko.
The purchase price is estimated at about EUR30m, Kesko said.
When the deal is concluded, Kesko will recognise a non-recurring gain on the disposal of about EUR10m.
K-Rahoitus Oy provides financing services to business customers, mainly to professional customers of Kesko Agro, Konekesko and the agricultural retailers in Finland, Estonia, Latvia and Lithuania.
Kesko, headquartered in Helsinki, Finland, provides retail and wholesale trading services in the Baltic Sea area. Kesko operates in Finland, Sweden, Norway, the Baltic countries and Russia. The company has about 2,200 stores engaged in chain operations in seven countries. Kesko is listed on the Nordic Exchange in Helsinki.
One British pound (GBP) is worth approximately 1.40 euros (EUR).
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