Highlight 29 November 2023

Krogerus advises Sonae and the offeror on the tender offer for Musti Group

Krogerus is advising Sonae and the offeror on a recommended voluntary public tender offer for all the outstanding shares in Musti Group. The offer values Musti's equity at EUR 868 million. Shares in Musti are admitted to trading on the official list of Nasdaq Helsinki.

The offer is made by a consortium led by Sonae and joined by Musti's Chairman of the Board Jeffrey David, Member of the Board Johan Dettel and CEO David Rönnberg. The transaction marks the first management buy-out of a listed company in Finland.

The Board of Directors of Musti, represented by a quorum comprising the non-conflicted members of the Board of Directors, has unanimously decided to recommend that the shareholders of Musti accept the tender offer.

Sonae is a Portuguese-headquartered, multinational group with market-leading positions in its key markets across several sectors. Sonae has a long-term view on economic and social value creation, which is pursued through an active portfolio management strategy and a strong social and environmental mindset. In 2022, Sonae's consolidated group revenue reached EUR 7.7 billion and consolidated EBITDA surpassed EUR 900 million.

Musti is the leading Nordic pet care specialist operating in Finland, Sweden and Norway. Musti serves Nordic customers in all channels through store chains Musti ja Mirri, Musti, Arken Zoo and Djurmagazinet, comprising a network of some 340 stores, and through online-first retail brands such as Peten Koiratarvike and Vetzoo.

The Krogerus team is led by Partner Tom Fagernäs. He is primarily assisted by Partner Paul Raade, Senior Associates Samuli Torpisto and Markus Laine and Associates Manu Honkanen, Tiina Jääskeläinen and Peter Partanen (all Capital Markets and Public M&A), Partner Jan Johanson and Senior Associate Timo Rautiainen (both M&A), Partner Päivi Toivari (Banking and Finance), and Partner Simo Autio, Senior Associate Laura Anttinen and Associate Verna von Martens (all Competition and Regulatory).

Similar highlights