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TGS Baltic Advises Euroapotheca on Purchase of Apoteksgruppen

TGS Baltic Advises Euroapotheca on Purchase of Apoteksgruppen

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TGS Baltic and Sweden's Hammarskiold & Co law firm advised UAB Euroapotheca, a Baltic and CEE pharmacy retail and wholesale group, on its purchase of Swedish pharmacy chain Apoteksgruppen from the Kingdom of Sweden. The seller was advised by the Lindahl and Cederquist law firms.

The value of the transaction was over EUR 171 million.

TGS Baltic describes the transaction — which is valued at over EUR 171 million — as "the biggest ever Lithuanian investment into the Swedish market," and reports that it "considerably expands business relations not only between Lithuania and Sweden, but also between the CEE and the North European regions, forming one of the leading pharmacy chains in the Northern and Eastern Europe."

In addition, according to TGS Baltic, the transaction was especially complex, as it consisted of two parallel processes: (1) the acquisition of Apoteksgruppen Holding Sverige AB, a state-owned central franchise holder; and (2) the acquisition of shares in approximately 130 private pharmacy companies owned by over 100 different private entrepreneurs. Both the sale processes were carried out in parallel by different investment bankers within one month of each other.

Euroapotheca is holding retail pharmacy chains and pharmaceuticals wholesalers in Lithuania, Latvia, Estonia, Poland, and Ukraine. The group currently has 454 pharmacies with consolidated revenue of EUR 353 million and employ almost 3,000 staff members servicing over 30 million customers each year. After the closing of the transaction, Euroapotheca will have over 600 pharmacies, the turnover of which will amount to EUR 750 million.

TGS Baltic Partner Marius Matonis was advisor to Euroapotheca in the process.


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COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

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COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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