Arcus ASA’s Cross-Border Merger With Altia

Roschier and Wiersholm advised Arcus, while Hannes Snellman acted as lead counsel to Altia Plc.

Arcus and Finnish Altia have agreed to combine to form a Nordic wine and spirits giant, named Anora Group Plc. The combination will be implemented as a cross-border merger whereby Arcus will be merged into Altia.

Altia’s current shareholders will own 53.3% of the combined company, whereas Arcus’ owners will hold a 46.5% stake.

The combined company had revenue of around €640 million ($748 million) in 2019 and currently employs around 1100 people in eight countries.

The merger will form a wine and spirits brand house with leading presence across the Nordics with a relevant market presence also in the Baltics. The Combined Company will have a unique portfolio of iconic local, regional and global wine and spirits brands. This, combined with deep consumer insights and strong innovation capabilities will enable the Combined Company to achieve growth and meet changing consumer needs even better. The Combined Company will offer a one-stop shop for customers both in on- and off-trade. Further, its wide distribution presence in the complex Nordic markets and enhanced sales excellence, will make the Combined Company an even more attractive partner.

The Board of Directors of Altia will propose to its EGM resolving on the merger that the Board of Directors be authorised to resolve on the payment of an extra dividend in the maximum total amount of EUR 0.40 per share to Altia’s shareholders before the completion of the merger. The extra dividend will be in addition to the dividend in the maximum total amount of EUR 0.21 per share authorised by the Annual General Meeting of Altia held on 4 June 2020 and payable to Altia’s shareholders by the end of 2020. The maximum total amount of the dividend to be distributed is EUR 0.61 per share (being in total approximately EUR 22 million).

Altia is a leading Nordic alcoholic beverage brand company operating in the wine and spirits markets in the Nordic and Baltic countries. Altia wants to support a development of a modern, responsible Nordic drinking culture. Altia’s key exports brands are Koskenkorva, O.P. Anderson and Larsen. Other iconic Nordic brands are Chill Out, Blossa, Xanté, Jaloviina, Leijona, Explorer and Grönstedts.

Arcus is a leading Nordic branded consumer goods company within wine and spirits. Arcus is the world’s largest producer of aquavit, and holds strong market positions for wine and spirits across the Nordics. Vectura, a wholly owned company, supplies complete logistics solutions for the beverage industry in Norway. Arcus was spun off from the Norwegian state monopoly, Vinmonopolet, in 1996 and since then has grown from a local company to an international group with the Nordic region and Germany as its home market. The Group also exports a significant volume of spirits to other countries. Arcus is listed on Oslo Børs.

Roschier team comprised Jon Unnérus (Picture), Seppo Kymäläinen, Kiira Tuohimaa-Leisio, Wiljami Siitonen, Vesa Rasinaho, Jaakko Laitinen, Ami Paanajärvi, Christian Wik, Sari Rasinkangas, Mira Eklund, Kristian Hugmark, Mika Ohtonen, Andreas Bussman, Leenamaija Heinonen and Janne Nurminen.

Wiersholm team was led by Tone Østensen and included Eli Aasheim, Gunhild Dugstad, Nicolay Vold, Håkon Cosma Størdal, Kaare Sverdrup, Sverre Sandvik, Siri Falch-Olsen, Pia Sporstøl, Martine Skoftedalen, Henriette Broch, Marie Wangsmo Haugland, Marte Flytkjær Nesse, Edvard Hamer Rojahn and Maria Elisabeth Angell.

Hannes Snellma team comprised Sonja Siggberg, Klaus Ilmonen, Anniina Järvinen, Maisa Cederström, Henrik Hautamäki, Anton Karlais, Robert Gordin, and Kaisa Himmanen , Mikko Huimala, Lauri Putkonen, Johanna Pokela, Jenni Heurlin, Peter Forsberg, Johan Holmquist, Sarah Ek, David Olander and Frida Svensson, Heikki Vesikansa, Harri Vehviläinen, and Isabella Kartila, Markus Bremer, Tuomas Toivonen, Sami Niemi, Johanna Haltia-Tapio, Risto Ojakoski, Panu Siitonen and Sarita Schröder.

Involved fees earner: Markus Bremer – Hannes Snellman; Maisa Cederström – Hannes Snellman; Sarah Ek – Hannes Snellman; Peter Forsberg – Hannes Snellman; Robert Gordin – Hannes Snellman; Johanna Haltia-Tapio – Hannes Snellman; Henrik Hautamäki – Hannes Snellman; Jenni Heurlin – Hannes Snellman; Kaisa Himmanen – Hannes Snellman; Johan Holmquist – Hannes Snellman; Mikko Huimala – Hannes Snellman; Klaus Ilmonen – Hannes Snellman; Anniina Järvinen – Hannes Snellman; Anton Karlais – Hannes Snellman; Isabella Kartila – Hannes Snellman; Sami Niemi – Hannes Snellman; Risto Ojakoski – Hannes Snellman; David Olander – Hannes Snellman; Johanna Pokela – Hannes Snellman; Lauri Putkonen – Hannes Snellman; Sarita Schröder – Hannes Snellman; Sonja Siggberg – Hannes Snellman; Panu Siitonen – Hannes Snellman; Frida Svensson – Hannes Snellman; Tuomas Toivonen – Hannes Snellman; Harri Vehviläinen – Hannes Snellman; Heikki Vesikansa – Hannes Snellman; Andreas Bussman – Roschier; Mira Eklund – Roschier; Leenamaija Heinonen – Roschier; Kristian Hugmark – Roschier; Seppo Kymäläinen – Roschier; Jaakko Laitinen – Roschier; Janne Nurminen – Roschier; Mika Ohtonen – Roschier; Ami Paanajärvi – Roschier; Vesa Rasinaho – Roschier; Sari Rasinkangas – Roschier; Wiljami Siitonen – Roschier; Kiira Tuohimaa-Leisio – Roschier; Jon Unnérus – Roschier; Christian Wik – Roschier; Eli Aasheim – Wiersholm; Henriette Broch – Wiersholm; Gunhild Dugstad – Wiersholm; Maria Elisabeth Angell – Wiersholm; Siri Falch-Olsen – Wiersholm; Marte Flytkjær Nesse – Wiersholm; Edvard Hamer Rojahn – Wiersholm; Sverre Sandvik – Wiersholm; Martine Skoftedalen – Wiersholm; Pia Sporstøl – Wiersholm; Håkon Cosma Størdal – Wiersholm; Kaare Sverdrup – Wiersholm; Nicolay Vold – Wiersholm; Marie Wangsmo Haugland – Wiersholm; Tone Østensen – Wiersholm;

Law Firms: Hannes Snellman; Roschier; Wiersholm;

Clients: Altia; Arcus ASA;