Dovre Group acquires 51% share of Suvic Oy

Dovre Group has made a conditional agreement to purchase a controlling share (51%) of a Finnish windmill construction design and construction company Suvic Oy, which specializes in building windmill park infrastructure as a turn-key solution as a single contractor. A windmill park project includes designing and constructing roads, foundations, internal power grid, main power grid, and power station. Suvic also performs turn-key solutions for windmill foundation design and construction.

Dovre Group will purchase 510 shares of Suvic Oy (51% of all outstanding shares) from the founding partners. The zero debt and net cash purchase price of the transaction is about EUR3 million (US$3.6 million), consisting of EUR2 million (US$2.4 million) in cash and 3 million shares of Dovre Group payable to the sellers.