Kervan International AB signed a share transfer agreement to acquire a 65.3% stake in Zaklady Przemyslu Cukierniczego Otmuchów S.A. (WSE:OTM) from Warsaw Equity Group and others for $28.3 million on May 5, 2021. Kervan will acquire a stake between 64.36% and 65.29%. Under the transaction, Warsaw Equity Group will sell 64.4% stake in Zaklady Przemyslu Cukierniczego Otmuchów S.A. representing 16,410,645 shares. Kervan Gida, which completed a $60 million IPO in December, used 55% of the IPO proceeds to fund the acquisition. The transaction is expected to close by the end of the second quarter. Gokhan Kacmaz, Tadeusz Dudzinski, Piotr Grauer, Krzysztof Pietrzyk, Wojciech Majkowski and Tomasz Kaminski of KPMG acted as legal advisor to Kervan while Ozog Tomczykowski acted as legal advisor for Warsaw Equity Group.