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Mahindra signs deal to increase stake in Finnish heavy machine maker to 49.04%

Indian automaker Mahindra & Mahindra Ltd. has agreed to increase its shareholding in Finnish heavy machine maker Sampo-Rosenlew Oy to 49.04% from 35%, according to a Dec. 17 news release.

Mahindra acquired its 35% stake in Sampo in 2016 for €18 million. Under the latest share subscription agreement, Mahindra agreed to subscribe to 822 equity shares and 192 convertible preference shares of Sampo for a total of €4.7 million in cash.

Sampo and Mahindra will jointly focus on the combine and specialty harvester business in Asia, Africa and Eurasian Economic Union countries, as well as in Latin America, according to the filing.

Founded in 1853, Sampo produces combine harvesters and forest machinery for the European, Eurasian and North African markets.

Upon completion of the transaction, Sampo will remain an associate company of Mahindra.

For the year ended Sept. 30, Sampo recorded €52 million in net revenue, up from €40 million in the year ended Sept. 30, 2017.