VAC: VAC hatches into Purmo
Today, Virala Acquisition Company (VAC), the first company listed in the SPAC segment on the Helsinki Stock Exchange, and Purmo Group signed a merger agreement. Purmo is one of the leading international suppliers of sustainable indoor air solutions and a subsidiary of the family-run Rettig Group. After the merger, the new merged company will apply to be listed on the Helsinki Stock Exchange. This is expected to be completed by the end of December 2021. In the merger, the debt-free value of the Purmo Group will be EUR 685 million (EV). We will start coverage of Purmo after the transaction has been completed.
Purmo Group
Purmo Group develops solutions for indoor climate. The company provides heating and cooling solutions for residential buildings and premises, including radiators, towel warmers, underfloor heating, convectors, valves, and controls. The business is divided into a number of business areas and the solutions are used in industry and the real estate industry. Customers are found on a global level with the largest concentration in Europe. The products are aimed at corporate and private customers.
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