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The transaction is not expected to give rise to any significant effect on earnings The transaction is not expected to give rise to any significant effect on earnings

Scandic to Divest One Hotel in Kuopio

Scandic has signed an agreement to divest the hotel operations of Cumulus Kuopio Station in Kuopio, Finland to Lapland Hotels OY.

The buyer will take over the operations of the hotel, which has 141 rooms, on November 01.

The reason for the disposal is that the decision by the Finnish Competition and Consumer Authority to approve Scandic’s acquisition of Restel was subject to the divestment of one hotel in Lahti, one in Pori and one in Kuopio.

On June 20, the sale of Cumulus Pori was announced and Scandic has initiated a process to divest Scandic Lahti.

Aki Käyhkö, managing director, Scandic Hotels Finland, commented, “We are satisfied with this agreement. Lapland Hotels OY is an established hotel operator in Finland and the ideal fit for driving Cumulus Kuopio Station forward.”