Mandate Vinge advises Bergs Timber in connection with its in kind acquisition of Norvik’s timber operations in the Baltics and the United Kingdom.

June 28, 2018

Vinge has advised Bergs Timber AB (publ) (”Bergs Timber”) on legal matters in connection with its acquisition of Norvik hf’s (“Norvik”) timber operations in the Baltics and the United Kingdom.

The acquisition of Norvik’s timber operations in the Baltics and the United was approved by the extraordinary shareholders’ meeting in Bergs Timber held on May 14, 2018. The acquisition was made by an issue in kind where the contribution consisted of 170 million shares in Bergs Timber as well as a cash payment of SEK 270 million, amounting to a calculated value of approximately SEK 719 million as per April 17, 2018. The newly issued shares were admitted to trading on Nasdaq Stockholm, Small Cap, on June 7, 2018.

Through the acquisition, Bergs Timber will become a significant participant within the sawmill market, as its sawmill capacity increases from approximately 530,000 m³ per year to approximately 920,000 m³ per year. The acquisition will also increase Bergs Timber’s product processing and thus has the capacity of limiting Bergs Timber’s sensitivity to fluctuations in the economic cycle. The group’s raw materials base is also broadened while risks are spread as part of the production is based on costs in euro.

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