AS Maag Grupp signed an agreement to acquire AS HKScan Estonia and AS HKScan Latvia and UAB HKScan Lietuva from HKScan Oyj (HLSE:HKSAV) for ?90 million on December 13, 2022. The debt-free purchase price is EUR 90 million. The consideration of ?20 million is conditional on the combined performance of the separately defined meat business subject to the transaction and Maag Grupp?s Baltic meat business in the following years. Of the ?70 million fixed purchase price, ?55 million will be paid at the closing of the transaction and the remainder over the next three years. The businesses and personnel of HKScan?s Baltic subsidiaries will not be transferred to the new owner until closing of the transaction. In 2021, net sales for the Baltic business amounted to ?170 million, EBIT was ?5.4 million. The transaction is expected to be closed in the second half of 2023 and it is subject to regulatory approvals in Estonia and Latvia. As of January 30, 2023, The Estonian Competition Authority has decided to launch supplementary proceedings regarding this merger. As of February 14, 2023, the Competition Council has approved the acquisition. As of July 24, 2023, Estonian Competition Authority has approved the transaction. Cobalt advised HKScan on the deal. Ari Leppänen of Nordhaven Corporate Finance acted as financial advisor to HKScan Oyj on the deal. DLA Piper Finland Attorneys Ltd acted as legal advisor to HKScan Oyj (HLSE:HKSAV).

AS Maag Grupp completed the acquisition of AS HKScan Estonia and AS HKScan Latvia and UAB HKScan Lietuva from HKScan Oyj (HLSE:HKSAV) on August 31, 2023.