Sorainen advised Estonian e-cigarette seller Nicorex Baltic, which together with retailer Veipland acquired competitor Elgery Group. As a result of the transaction, 10 SKYsmoke shops merged with 11 Veipland shops into a joint Veipland retail chain. Transition to the new brand and unification of client service standards will take place soon.
Remarked Piret Lappert, senior associate of Sorainen advising the transaction: “We as M&A advisers are glad to note that the transaction reinforces the current trend where Estonian companies see an opportunity in consolidating. Acquisition of companies and the resulting synergy often enables offering a better service so that all market participants gain something from the transaction.”
The Sorainen team advising the client in the transaction consisted of partner Toomas Prangli and senior associate Piret Lappert.