Avance advises Purmo Group and its owner Rettig Group in the merger with Virala Acquisition Company and subsequent listing of Purmo Group on the official list of Nasdaq Helsinki. The merger values Purmo Group at EUR 685 million in enterprise value.
Purmo Group Ltd is an internationally leading company that aims for global leadership in sustainable indoor climate comfort solutions and a subsidiary of the family owned Rettig Group Ltd. Virala Acquisition Company Plc is the first company listed on the SPAC segment of the regulated market of Nasdaq Helsinki Ltd.
Upon its completion, the merger is expected to become the first business combination (de-SPAC) completed by a company listed on the SPAC segment of the regulated market of Nasdaq Helsinki and in the Nordic countries. The completion is expected to occur by the end of December 2021.