Finnish alcoholic drinks manufacturer and distributor Altia has announced that it has reached an agreement to acquire its Norwegian competitor Arcus, forming a combined company named Anora
According to Altia, the combined business will form a leading wine and spirits brand house offering a portfolio of local, regional, and global brands.
Altia’s current shareholders will own 53.3% of the combined company, whereas Arcus’s owners will hold a 46.5% stake.
Commenting on the move, Altia CEO Pekka Tennila said: “Through added scale and more efficient production, we can further strengthen our leading sustainability position. Joining forces will provide significant growth potential in exports and create better possibilities to bring our iconic brands and sustainable Nordic drinks experiences to new markets”.
Arcus CEO Kenneth Hamnes added: “The new company will be a strong and visible Nordic entity. Together we will provide better opportunities for our international agencies and partners, to the benefit of our customers”.
The combined company had revenue of around €640 million ($748 million) in 2019 and currently employs around 1,100 people in eight countries.