The share purchase will amount to 50.5% of Oamk’s share capital, and the purchase cost will be €5,151,000. After this ownership change, the University of Oulu and Oamk will be part of a single enterprise group.
“This decision and the move of Oamk will further strengthen the status of Oulu’s Linnanmaa campus as an exceptionally strong centre for education and research. The area as a whole will become even more attractive to students and staff”, says Risto Murto, Chairman of the Board of Directors at University of Oulu.
Some of the top objectives for this new university group are to strengthen cooperation and to respond to workplace and industry needs within the region.
“In order to think through service and study programme cooperation possibilities, cross-organisational working groups will be established which will each then present their proposals on how the area they have been considering could function best. Concrete policies will be worked on only once these groups have completed their work. There can be no wasting time, because we already need to have a lot of things ready by autumn 2020”, explains University of Oulu Rector Jouko Niinimäki.
After the change of ownership, University of Oulu and Oamk will be two strong universities whose activities and strategy continue to hold to the University Act and the Polytechnics Act. Strategic leadership is based on close cooperation and mutual agreement between the universities. After the ownership change, the University of Applied Sciences will remain as an independent legal entity, and the two universities’ funding systems will be kept separate.
“The digitalisation of services and education will take a long time and require a lot of staff, because at the same time services have to be developed and produced. Together we are in the best position to successfully carry through this development process that is critical for the future of both universities”, Rector Niinimäki says.
Oulu University of Applied Sciences Ltd is currently owned by ten different municipalities in the region of Oulu. The City of Oulu has an ownership stake of over 76%, and the other municipalities have smaller numbers of shares. All ten shareholding municipalities have considered and approved the proposed purchase of shares in their own municipal executives and/or councils during April and May 2018.
The parties will sign the deed on 7 June and, once the terms of the trade are fulfilled, the share agreement will also be signed by the end of June at the earliest.
Last updated: 30.5.2018