September, the 24th, 2008
Eltel Networks AS has signed an agreement to acquire
Siemens Electroservices in Estonia
"We want to strengthen Eltel’s position in the Estonian electricity market, and the acquisition of Siemens Electroservices fits this strategy perfectly. The service portfolio of Siemens Electroservices is a perfect match for Eltel, and I am convinced that the joint competences will remarkably strengthen our position in the Estonian market", says Juha Luusua, COO of Eltel Group.
Siemens Electroservices, with its 150 employees, is a company providing wide scope of services for electricity transmission and distribution networks and substations. The company has main offices in Tallinn, Paide, Tartu and Kuressaare.
"Considering the development of our transmission and distribution services we have decided to sell Siemens Electroservices in Estonia to ELTEL, because the initial orientation of our service business changed over time. Our strategic redirection aims at more value added and operation related services. We are pleased to hand over our service business to ELTEL and we are sure that it is in safe hands", said Andreas Heine, CEO of the Transmission and Distribution Services Business Unit in the Siemens Energy Sector.
Both Eltel and Siemens envisage good cooperation between Siemens Electroservices and Siemens to continue also after completion of the transaction. Completion of the transaction is subject to approval from the Estonian competition authority.
About Eltel Networks
Eltel Networks is the InfraNet Company, specializing in the construction, maintenance, and upgrading of electricity and telecommunications networks. With its 9,700 employees, the group operates in the Nordic countries, Poland, the Baltics and Germany with a 2007 turnover of 858 MEUR. The company is headquartered in Helsinki, Finland. For further information about Eltel Networks, please visit http://www.eltelnetworks.com.
Juha Luusua, COO
Eltel Group: Phone +358 40 311 3005
www.eltelnetworks.comPhone +358 40 311 3005
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