Estonia, EU – Baltic States, Foodstuff, Good for Business, Investments, Markets and Companies, Mergers and take-overs

A subsidiary of PRFoods, Saaremere Kala AS, and Ville Sammallahti, Mats Storbjork and Heikki Sammallahti signed a contract on July 31st, according to which PRFoods will buy all the shares of Trio Trading Ab, PRFoods told the stock exchange.

PRFoods is to pay three million euros for the company and this will be accompanied by an annual sum which will depend on economic results. For the transaction to take effect, the general meeting of shareholders of PRFoods needs to approve it, therefore the company will convene an extraordinary meeting of shareholders on Aug. 28.

The 2016 revenue of Trio Trading Ab was 51.4 million euros and the revenue in the first half of this year totaled 30.2 million euros.

Besides the three million euros, Ville Sammallahti and Mats Storbjork are both entitled to get 1.5 percent of the Finnish company's EBITDA if they continue working in the company. They also have the right to get up to 675,000 euros if PRFoods is sold and they continue working in the company.

PRFoods is to finance the transaction from own funds and with a loan of 2.5 million euros, which is being applied for from SEB Pank.

Mats Storbjork and Ville Sammallahti are to continue on the Finnish company's management board and they will be joined by Indrek Kasela. Sammallahti is to also continue as CEO.