Old photo of an YIT construction worker at a construction site in Yekaterinburg, Russia.

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YIT withdraws from all operations in Russia by completing the sale of the businesses

YIT has completed the sale of its businesses in Russia to Etalon Group PLC. With the completion, YIT withdraws from all operations in Russia. The signing of the transaction was announced on 1 April 2022.

Although the closing process took longer than originally anticipated, the sale was completed in line with the agreed sales price and other terms. The full financial impacts of the transaction will be disclosed in YIT's half-year report.

Markku Moilanen, President and CEO of YIT: “We are very pleased to announce the completion of the sale. Our businesses in Russia were facing unprecedented challenges due to the crisis in Ukraine, and the sale of the businesses gave us an opportunity to a rapid, controlled, and complete exit. Now we can fully focus on our strategy and core businesses.

The strategic review of the Russian businesses was originally initiated in November 2021 and accelerated in March 2022 due to the changes in geopolitical situation.

Source: YIT Corporation