Sonae launches IPO for Finland’s Musti

Portugal’s Sonae Group led by Cláudia Azevedo, has launched a €868 million takeover bid for Finland’s Musti, a listed company specialised in pet products in Finland, Sweden and Norway.

Sonae has announced the launch of a Public Acquisition Offer (IPO) in a bid to beef up the internationalisation and diversification of its portfolio.
A consortium comprising Sonae, Jeffrey David, Johan Dettel and David Rönnberg announced the recommended public tender offer through Flybird Holding Oy for all shares in Musti on November 29.
According to information sent to the CMVM on Thursday, the operation is being conducted jointly with two administrators and the CEO of Musti. The offer price under the tender offer is €26 in cash for each share.
Valued at €868 million, the IPO all of the shares “with the goal of acquiring the control of the company”, which last year turned over €426 million with an EBITDA of €74 million.
Sonae already had a minority share for the company listed on the Helsinki sock market acquired in recent months. It has a sock market capitalisation of around €683 million.
Sonae, which is based in Maia in the north of Portugal, highlighted the “solid omni-channel value proposal” of Musti that has a network of 340 stores and an online commerce operation.
Musti is the one of the leading Nordic pet care specialists.