Liite 35. Other notes
Events after the balance sheet date
On 12 January 2016, Kesko Corporation made an agreement to acquire Onninen Oy's whole share capital from Onvest Oy. The pro forma net sales of the business to be acquired were €1,438 million and the EBITDA was €39 million for the period from October 2014 until the end of September 2015. The transaction price of the debt-free acquisition, structured as a share purchase, is €369 million. Onninen's steel business and Russian subsidiary are not included in the acquisition. With the acquisition, Kesko's business in HEPAC and electrical product groups will expand significantly and it will be able to provide better service, especially to contractor customers. In addition, Kesko will gain new customer relationships from infrastructure and industry customer groups.
The transaction will be paid in cash from Kesko's liquid assets and available debt financing reserves. The fair value allocations of the transaction price to net assets are estimated to cause an expense item of around €5 million on the first six months.
The completion of the acquisition is subject to the approval of the competition authorities and the fulfilment of the other terms and conditions of the transaction. The acquisition is estimated to be completed during the first half of 2016.