M&A

Olvi has completed its acquisition of Värska Originaal, bringing Estonia's leading mineral water producer into the Finnish beverage group's growing portfolio of non-alcoholic brands.

The transaction closed on June 19 after receiving approval from Estonia's Competition Authority and overcoming a challenge from a third party, whose request for interim legal protection temporarily delayed completion, Olvi announced recently. The acquisition was carried out through Olvi's Estonian subsidiary, A. Le Coq, which acquired 100% of Värska Originaal's shares.

The deal was first announced in September 2025 as part of Olvi's strategy to increase the share of non-alcoholic products in its business. At the time, the company said the acquisition would increase its non-alcoholic beverage sales volume by about 10% while strengthening its position in a category benefiting from growing consumer demand for healthier drinks.

"Already, more than 40% of our total sales volume comes from non-alcoholic products," Olvi Group CEO Patrik Lundell said when the acquisition was announced. He described the deal as "another concrete step in executing our multi-local growth strategy."

Kesko has agreed to acquire Dahl's operations in Sweden, Norway, and Denmark from French building materials group Saint-Gobain in a deal valued at €1.2 billion, excluding lease commitments. The acquisition, the largest in Kesko's history, would add nearly €2.1 billion in annual revenue and strengthen the retailer's position in one of the Nordic construction market's more resilient segments.

The timing is notable. Kesko's sales grew 3% in May to €1.13 billion, driven largely by building and technical trade. Division sales increased 10%, while technical trade sales rose 9% on a comparable basis. Grocery sales were broadly flat, and car trade sales fell 9%, reinforcing the importance of the division Kesko is now expanding most aggressively.

Dahl is a leading distributor of heating, plumbing, air conditioning, and infrastructure products across Sweden, Norway, and Denmark. The business operates around 190 stores, serves more than 70,000 customers, and generates roughly half of its sales from renovation projects, with another third linked to infrastructure construction.

The acquisition would significantly increase Kesko's international footprint. More than 70% of sales in its building and technical trade division would come from outside Finland, up from 58% today. The company believes long-term demand will be supported by infrastructure investment, urbanization, renovation activity, and the increasing technical complexity of buildings.

The transaction remains subject to regulatory approval and is expected to close in early 2027.

Kone has agreed to combine with Germany-based rival TK Elevator in a cash and share transaction that would create one of the world’s largest elevator and escalator companies.

According to Kone’s stock exchange release today, the combined group would generate around €20.5 billion in annual sales and more than €2.7 billion in adjusted EBIT, based on the latest financial year. Around 65 percent of revenue would come from service and modernization activities.

The total transaction value is about €29.4 billion, including debt. Finnish public broadcaster Yle reports that the deal would be Finland’s largest corporate transaction to date.

Under the agreement, Kone will acquire TK Elevator through its holding structure. The sellers, a consortium led by Advent and Cinven, will receive €5 billion in cash and up to 270 million newly issued Kone class B shares. Following completion, they would hold roughly 33.8 percent of Kone’s shares and 18.3 percent of voting rights.

Leadership of the combined company will remain with Kone. Philippe Delorme will continue as CEO, Ilkka Hara as CFO, and Antti Herlin as chairman. Herlin is expected to retain over 50 percent of voting rights, ensuring control.

S Group will sell its 13 Prisma stores in Estonia to Coop Estonia and pivot to a partnership model that could extend its product reach to up to 300 stores. 

The deal, pending regulatory approval in 2026, will transfer more than 700 employees to Coop Estonia, the Finnish grocery store operator announced today. The purchase price remains undisclosed.

Despite recent strong growth, the Estonian business has faced pressure from high inflation in recent years. S Group confirmed the unit has been profitable overall. 

Through the deal, S Group avoids heavy capital investment in Estonia while expanding its reach. By partnering with Coop Eesti, it can redirect funds to its core Finnish business and scale distribution from 13 stores to up to 300, increasing impact without owning more assets.

"We had two options: invest significantly more in our store network or grow through partnership. We chose partnership," S Group said. "Coop Eesti is the best possible partner for S Group in Estonia. We share a cooperative background and a responsible value base."

The deal also delivers clear upside for Coop Eesti. The acquisition allows Coop Eesti to strengthen its presence in Tallinn, significantly increasing its market share, said Coop Eesti Chairman Rainer Rohtla.