Swedish construction firm NCC has announced that the Finnish Competition Authority has approved its acquisition of Destia’s asphalt operations without reservation. In March 2011, NCC signed an agreement to acquire the asphalt and paving operations of the Finnish company Destia. Subsequently, the agreement became subject to review by the Finnish Competition Authority, which announced in early August 2011 that it opposed the merger and requested that the matter be tried in the Finnish Market Court.
Later, The Market Court approved the acquisition subject to certain conditions. Accordingly, NCC opted not to complete the agreement signed in March and instead decided to enter into a new agreement with Destia.The new agreement comprises all of Destia’s asphalt and paving operations with the exception of an asphalt works in the Helsinki area.The newly acquired company has about 80 employees who will be transferred to NCC Roads. The transition of the operations is expected to take place in December 2011. Both parties have agreed not to disclose purchase considerations.