Sorainen has represented Swedish company Bergvik Skog in the EUR 324 million sale of its forest properties in Latvia to another Swedish company, Sodra. Fort Legal advised Sodra on the sale, which was carried out by divesting Bergvik Skog of its subsidiaries in Latvia.
The acquisition includes all shares in SIA Bergvik Skog and SIA Ruda and includes the forestry organization, which has 24 employees. The total area of Bergvik Skog Latvian properties is 111,100 hectares, of which 80,300 are forest land. Sodra already owned 15,000 hectares of forest land in Latvia.
According to Sorainen, "in its ten years of operations, Bergvik Skog has established and developed Latvian forest properties. In Latvia, the organization has grown with a vision of creating long-term values and high environment, efficiency and forestry ambitions. Interest in this transaction was immense, [and] the sales process involved many serious and significant players."
“This investment will secure some of our need for forest raw material," said Sodra President and CEO Lars Idermark. "It will improve the structure of our wood imports by complementing our members’ wood deliveries and strengthening Sodra’s competitiveness."
“The new holding is also a good capital investment as a base for Sodra’s future development, which obviously benefits our 51,000 members,” said Lena Ek, Chair of Sodra.
The Sorainen team was led by Latvia Managing Partner Eva Berlaus, working with Senior Associate Janis Bite, Associate Natalija Sestakova, and other specialists.
The Fort Legal team included Partner Janis Likops, Senior Associates Roberts Prusis, Ieva Balcere, and Arturs Caics, and Associates Laila Pudule, Liene Lazare, Vita Rancane, and Kalvis Engizers.