Caverion Settles Cartel Investigation with German Federal Cartel Office

Building services company Caverion Oyj has settled its part of a cartel case investigated by the German Federal Cartel Office (Bundeskartellamt) since 2014. The investigation concerns several companies providing technical building services in Germany.

Caverion Deutschland GmbH and its predecessors were found to have participated in anti-competitive practices between 2005 and 2013. Caverion Deutschland GmbH will be fined a maximum of EUR 40.8 million. The final amount will be confirmed by the Bundeskartellamt's decision.

The fine will be booked as an expense in 2018 and paid shortly after the decision is issued. Caverion has prepared financing alternatives and will inform about the chosen options once final decisions are made. The company has also reconfirmed EBITDA calculation principles related to the fine with its lenders.

"The investigation has now been concluded for our part and the uncertainty around the matter has ended. We have given our full support to the Bundeskartellamt from the outset and have fully cooperated during the investigation," said CEO Ari Lehtoranta. He expressed satisfaction that a settlement has been reached, closing the matter with the authority.

Caverion has significantly enhanced its compliance efforts, including mandatory e-learning modules and further training for all employees. The company maintains a zero-tolerance policy for anti-competitive practices, corruption, and unlawful actions, as outlined in its Code of Conduct.