Posti Group Corporation and Stella Care Oy have signed an agreement according to which Stella Care Oy will acquire the entire share capital of Posti Kotipalvelut Oy.
Posti Kotipalvelut Oy provides a broad range of home care and personal assistance services across Finland. The company provides services to customers mainly as a service paid by the municipality. The company employs approximately 700 care professionals.
Stella Care is part of Stella Group, one of the leading providers of home-delivered services in Finland. The company employs approximately 1,300 home care and home service professionals and has over 5,000 customers. Stella’s largest service area is home care services. In addition, the company offers home cleaning services in several locations.
The transaction has no impact on the employment contracts or existing customer relationships of Posti Kotipalvelut Oy. The transaction became effective on September 1, 2020. The companies have agreed not to publish the transaction price.
The divestment is in line with Posti’s strategy to continue its determined renewal and focus on its core businesses. Posti seeks growth especially in the Parcel and eCommerce and Logistics businesses, in which the company sees significant potential in the future.
– I am happy and proud that our skilled, amiable, and responsible care professionals will join a team with specifically home care as its core business. We value the work of home care professionals. We are pleased that our customers will have Stella as their partner, as the company can offer an even wider range of services. Even after the transaction, our customers will continue to receive home care from the same care professionals that they have come to know, says Jani Lindström, Vice President, Posti Home Services.
– I want to warmly welcome our colleagues from Posti home care services into our work community, says Jarno Karhinen, CEO of Stella.
– Home care and different home services play a key role in addressing the social challenges of an ageing population. As a significantly larger player, we can respond to these challenges even more effectively, Karhinen says.
The transaction does not include Posti’s public sector transport services, such as transport of meals or laboratory samples, pharmaceutical and hospital products, or for instance library books.
Following the transaction, Posti Group Corporation will become a minority shareholder in Stella Care Oy. In the future, the shareholding will be recorded in Posti’s Consolidated Financial Statements under other non-current investments. The transaction has no impact on Posti Group Corporation’s outlook for 2020.