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.”