Cobalt has advised Lithuanian dairy company AB Rokiskio Suris on the acquisition of 10% of its shares — valued at more than EUR 7 million — by global dairy giant Fonterra. TGS Baltic advised Fonterra on the deal.
Fonterra is a New Zealand-based dairy company uniting more than 100 000 dairy farms and co-operatives, with EUR 14 billion in annual revenue and net profit in excess of EUR 700 million in the past financial year. Fonterra is the world’s largest exporter of dairy products.
“We see the strategic investment by a global company, which it confirmed after its lengthy scrutiny across the East European market, as a sign of trust both in us as a business partner and the Baltic market alike,” commented Dalius Trumpa, Chairman of the Board of Rokiskio Suris. Trumpa also noted that Fonterra is the first strategic rather than financial investor in the history of Rokiskio Suris, which will make long-term results and sustainable development a priority.
To implement the investment, Rokiskio Suris issued 3.586 million new ordinary registered shares, constituting 10% of the company’s investment capital. The agreed share issue price was equal to EUR 7.1 million, at EUR 1.98 per share.
The Cobalt team drafting the share purchase agreement and other transaction documents, representing Rokiskio Suris in negotiations, and advising on other transaction-related matters, consisted of Lithuania Managing Partner Irmantas Norkus, Partner Juozas Rimas, and Senior Associate Inga Mazvilaite.
The TGS Baltic team advising Fonterra included Partner Marius Matonis, Associate Partner Dalia Tamasauskaite-Ziliene, and Associate Giedrius Svidras.