Cargotec is a Finland-based cargo handling solutions and services provider with a pre-announcement market cap of EUR 1.7 billion. Konecranes is a Finland-based lifting solutions and lifting equipment services provider with a pre-announcement market cap of EUR 2.1 billion. Both companies are listed on the main list of the Nasdaq Helsinki. The combined entity’s sales on a pro forma basis will be close to EUR 7 billion, with approximately 29,000 employees.

The combination is expected to create a global leader in sustainable material flow, with numerous valuable customer-facing brands and complementary offerings across its businesses in industries, factories, ports, terminals, road and sea-cargo handling.

The completion of the merger is subject to certain customary conditions, including the approval of the EGMs of both companies.

Solidium is a holding company wholly owned by the State of Finland and a minority owner in nationally important listed companies. Solidium is the second-largest shareholder in Konecranes with a stake of 8.5%.