Evli Plc has today, on November 15, 2023, signed an agreement to acquire a majority stake in the Finnish investment service company Zenito Oy. According to the agreement, Evli will purchase approximately 67 percent of Zenito Oy's shares. The remaining, about 33 percent of the shares, will be retained by the company's founders. The purchase price to be paid for the shares being acquired is approximately EUR 2.9 million and it will be paid with cash. The transaction is not expected to have a material impact on the issuer's operations.
The product offering of Zenito includes investment funds that are among the best in their international asset classes, including, the investment funds Fourton Hannibal, Zenito UK Value Fund, and the only precious metal mining fund in the Finnish investment market Zenito Silver and Gold. In addition to asset management services, Zenito Oy also publishes Zenostock.com, a web service specializing in finding and researching affordable listed companies.
"Zenito has a highly experienced team and high-quality products. We are pleased to welcome the company's employees to Evli," Maunu Lehtimäki, CEO of Evli comments. "The acquisition is a logical next step in Evli's strategic goal to become a leading Nordic wealth manager. The acquisition combines the expertise and resources of both companies, enabling a broader range of investment products for our clients."
"Collaboration with Evli perfectly meets the goals of our company: even better service for our clients, administrative assistance from Evli, and more time to focus on our core task, portfolio management. We appreciate Evli's long-term and successful focus on active investment strategies in particular,” says Zenito's founder and CEO, Petter Langenskiöld.
The completion of the transaction is subject to approval by the Financial Supervisory Authority. The transaction is expected to be finalised in the early part of 2024.
From the client's point of view, services will continue as before. With the completion of the transaction, clients will have access to an even more comprehensive range of products and services.
Additional information:
Maunu Lehtimäki, CEO, Evli Plc, tel. +358 50 553 3000, maunu.lehtimaki@evli.com
