HELSINKI, Finland — Finland's Ramirent has agreed to acquire Bautas, a rental business owned by Viedekke, one of Norway's largest engineering contractors, for about U.S. $15.7 million. The deal will make Ramirent one of Europe's 10 largest rental companies with activities in nine countries in Scandinavia, the Baltic states, Eastern Europe, with annual revenues of about $22.6 million.

The acquisition will give Ramirent “market-leading positions in Finland, Norway and Poland, as well as a strong presence in Sweden, the Baltic states and Russia,” said a Ramirent official.

As part of the deal, Viedekke will purchase a 33 percent share in Ramirent for about $4 million, a holding that may increase over time according to Ramirent CEP Erkki Norvio.

“This deal will strengthen our own financial situation, while giving us an interesting investment in a considerably stronger Nordic equipment rental operation,” said Veidekke's CEO Terje Venold. “Plant hire has developed into a far larger and more professional industry and the time has come to change our position from a strategic one to a more financial one.”