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Tark & Co advised sale of shares in Kalev Chocolate Factory

28.05.2010

On 27 May 2010 the agreement of purchase and sale of Kalev Chocolate Factory (KCF) became effective and the shares in KCF were obtained by Orkla, an international group. On 4 May 2010, Orkla signed an agreement to acquire KCF and related biscuits and flour mix businesses. The Competition Authority issued an approval, required for the closing, at the end of the last week.

Under the agreement, Orkla took over 100% of the shares in Kalev Chocolate Factory (KCF), including the factory in Jüri. The company has annual net sales of approx. EUR 28 million and close to 400 employees. In addition to KCF, the acquisition included related biscuits and flour mix businesses in Estonia. The buyer was Finnish Orkla company Felix Abba and the seller was the holding company Luterma. The transaction did not involve Luterma companies that operate in other business areas. The parties have agreed not to disclose the transaction consideration.

The client was advised by partner Hannes Vallikivi and associates Kuldar-Jaan Torokoff, Rolan Jankelevitš, Andreas Veeret.

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