Etalon Group completed the acquisition of businesses in Russia from YIT for $56m.

Etalon Group, a residential real estate developer, completed the acquisition of businesses in Russia from YIT, a construction company, for $56m. “Due to the Ukrainian crisis, our businesses in Russia were facing unprecedented challenges and it was becoming increasingly difficult to continue operations. The sale of the Russian businesses gives us an opportunity to a rapid, controlled and complete exit. From both ours and our customers’ and employees’ perspective, this was by far the most preferred solution under the current circumstances," Markku Moilanen, YIT President and CEO.