Finnish alcoholic drinks manufacturer and distributor Altia has announced that it has reached an agreement to acquire the Norwegian competitor Arcus, forming a combined company named Anora Group PLC (Anora).
The merger will, according to Altia’s press release, form a leading wine and spirits brand house – Anora – that will offer a unique portfolio of iconic local, regional, and global brands.
Altia’s current shareholders will own 53.3% of the combined company, whereas Arcus’ owners will hold a 46.5% stake.
Altia’s CEO Pekka Tennilä 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”.
Kenneth Hamnes, the CEO of Arcus said: “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 1100 people in eight countries.
Source: Altia Press Release