HELSINKI: Terveystalo Plc has signed a share purchase agreement to acquire Silmäasema Oy, the leading vision and eye health company in Finland, for approximately €574 million, the companies announced Monday.
The transaction combines Terveystalo’s healthcare services with Silmäasema’s integrated eye care and optical retail network, creating a market leader in Finland’s growing eye care market. The combined company would serve about 2 million customers annually and generate approximately €1.55 billion in revenue based on 2025 financial figures.
Under the agreement, Terveystalo will pay an initial cash payment of €275 million and issue 36.5 million new shares valued at €8.20 per share, based on the company’s closing price June 5. Upon completion, Coronaria Oy — Silmäasema’s main seller alongside institutional shareholders and management — will become Terveystalo’s largest shareholder with approximately 15.1% of outstanding shares and voting rights.
“Terveystalo and Silmäasema will form a unique European combination with a compelling value proposition for an expanding customer base,” said Ville Iho, president and CEO of Terveystalo. “I am convinced that, by working together, we can provide even better customer service and care.”
Silmäasema reported €267 million in revenue and €37 million in adjusted EBIT for 2025. The company operates 155 optical retail stores in Finland and 10 in Estonia, along with 20 private eye hospitals. It serves approximately 1 million customers annually.
The transaction values Silmäasema at an enterprise value multiple of 11.5 times its 2025 adjusted EBIT, including estimated synergies. Terveystalo expects annual pre-tax run-rate synergies of €11 million to €15 million, with full effect anticipated by the end of the third year following completion. One-off integration costs are estimated at €7 million to €9 million.
“By joining forces with Terveystalo we can offer much broader health services to our customers and new career opportunities for our employees and professionals,” said Teppo Lindén, CEO of COR Group Oy, Coronaria and Silmäasema. “As a significant shareholder in Terveystalo following completion, Coronaria intends to be an active, growth-oriented owner.”
The transaction is expected to be accretive to adjusted earnings per share in the first full year after completion. Silmäasema will continue operating under its current brand.
Terveystalo’s partner banks — Danske Bank A/S, Nordea Bank Abp, OP Corporate Bank plc and Skandinaviska Enskilda Banken AB — have committed to arranging debt financing of up to €350 million through a four-year term loan facility.
The acquisition requires approval from an extraordinary general meeting of Terveystalo shareholders.
