The joint venture consists of L&T Biowatti Oy, owned by Lassila & Tikanoja Plc, and Neova Oy’s wood energy business of the Vapo Fuels business area. Lassila & Tikanoja Plc owns 55 per cent and Neova Oy 45 per cent of the joint venture. The joint venture’s turnover is approximately EUR 100 million and it employs around 100 people.

HLP acted as financial advisor to Lassila & Tikanoja and Neova in the transaction.

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