September 17, 2019
The daily brief: 17 September 2019
Pro Farm Technologies has become a wholly-owned subsidiary of Marrone Bio, a global provider of bio-based crop protection and plant health solutions.
All the daily Finnish business news that works: Func Food, LAK Real Estate, Pro Farm Technologies and Veho make headlines.
Func Food is being acquired by fitness drink brand Celsius, LAK Real Estate is building Finland’s largest hotel complex next to Helsinki Airport, Pro Farm Technologies has joined forces with Marrone Bio, and Veho is acquiring Silberauto.
Finnish wellness company Func Food Group is being acquired by US-based Celsius Holding, known for the Celsius fitness drink brand. Celsius is to pay 15.1 million US dollars in cash (approx. 13.7 million euros) and take over Func Food’s outstanding debt of 9.5 million US dollars (approx. 8.6 million euros). Func Food markets and distributes beverages, protein bars, supplements and superfoods, and it has been the Nordic distributor of Celsius fitness drinks since 2016.
Finnish company LAK Real Estate is constructing Finland’s largest hotel complex at Helsinki Airport, which is currently undergoing a one billion-euro development programme. The 13-storey hotel will have more than 700 rooms, meeting and conference space, a sky bar, and direct connections to the airport and train station. Norwegian company Nordic Choice Hotels will be responsible for operations at the hotel once it’s up and running.
Finland-based Pro Farm Technologies has been acquired by Marrone Bio Innovations for an enterprise value of 31.8 million US dollars (approx. 29 million euros), of which 6.2 million US dollars was paid in cash and the rest in 12.7 million Marrone Bio shares. The deal could also include payments of up to 7.5 million US dollars worth of Marrone Bio shares, if certain commercial milestones are reached. Pro Farm will add proprietary nutrient and biostimulant technology, as well as seed and foliar treatment products, to Marrone Bio’s portfolio.
Finnish car dealership Veho is acquiring Estonia’s Silberauto, which imports and sells Mercedes-Benz and other car brands in Estonia and Lithuania. Silberauto’s revenue was 387 million euros in 2018, and it employs over 550 people. The company will continue to operate as a separate company following the acquisition, which still needs to be approved by competition authorities and Daimler.
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