Anora - Merger hero image - people in garden in the evening
Anora - Merger hero image - people in garden in the evening

Altia and Arcus join forces forming a leading wine and spirits brand house

Merger between Altia and Arcus

The Boards of Directors of Altia Plc and Arcus ASA jointly announced on 29 September 2020 that Altia and Arcus have entered into a combination agreement to form a leading Nordic wine and spirits brand house. The new combined company will be named ANORA GROUP Plc. The shareholders of Altia approved the merger plan at the Extraordinary General Meeting on 12 November 2020.

The combination will be implemented as a statutory cross-border absorption merger whereby Arcus will be merged into Altia and dissolved.

The shareholders of Arcus will receive 0.4618 new shares in Altia for each share in Arcus owned by them, resulting in an aggregate ownership in the Combined Company following completion of 53.5% for Altia shareholders and 46.5% for Arcus shareholders.

Altia proposes to pay an extra dividend in the total amount of approximately EUR 14.5 million, corresponding to EUR 0.40 per share to Altia’s shareholders before the completion of the merger. The extra dividend will be in addition to the dividend of EUR 0.21 per share authorised by Altia’s 2020 AGM, payable by the end of 2020.

The new combined company will be named ANORA GROUP Plc.

Read the Merger Announcement release (29 Sep 2020) here and watch the replay of the Announcement presentation here. Download the summary of Altia and Arcus' merger here.


  • ANORA will offer a unique portfolio of iconic local, regional, and global brands. Combined with deep consumer insights and strong innovation capabilities ANORA will be able to achieve growth and meet changing consumer needs even better.

  • ANORA will have a strong foothold in the Nordic markets making it an attractive partner with its superior pan-Nordic route-to-market.

  • The merger provides a step-change in scale with expected efficiencies throughout the value chain. The transaction will also form more competitive Industrial and Logistics business units through increased internal volumes.

  • With a strong combined cash-flow, ANORA is well positioned for stronger international expansion.

  • Strong value creation from significant synergies – potential annual EBITDA net synergies of EUR 8-10 million identified.

  • ANORA’s preliminary aggregated annual revenue is EUR 640 million and ANORA employs 1,100 professionals around the Nordics and Baltics.

Anora's future Executive Management Team

Appointments for the future Anora Group Plc’s Executive Management Team – Merger expected to be completed on 1 September 2021 (stock exchange release 18 Aug 2021)

See the Anora EMT's CV slides here.


29 Sep 2020: Announcement of the merger plan 23 Oct 2020: Publication of the prospectus 12 Nov 2020: Altia and Arcus EGMs were held - shareholders in both companies approved the merger plan 25 Nov 2020: Altia dividend payment (AGM authorised, 0.21e per share) 1 Sep 2021: Expected closing In connection with closing Altia extra dividend payment (0.40e per share)

  • Ex-dividend date 26 Aug 2021

  • Dividend record date 27 Aug 2021

  • ​​​​​​​Dividend payment date 3 Sep 2021

Sanna Suvanto-Harsaae at merger press event 2020

“We are very happy to announce the merger of Altia and Arcus, and that the new company, ANORA GROUP, will be headquartered in Helsinki, Finland. This combination of two equal Nordic companies is a logical continuation on Altia’s strategic journey that started with the initial public offering in 2018.

Together, these two innovative companies are taking an important step to become the Nordic wine and spirits brand house with excellent potential for growth also outside the Nordics.”

- Sanna Suvanto-Harsaae, Chairman of the Board of Altia

Michael Holm Johansen at merger press event 2020

“Arcus and Altia have a strong Nordic position based on long heritage, iconic brands and unique understanding of the Nordic consumer.

This merger will create significant value for shareholders in both companies, and the Combined Company will financially be in an even stronger position to pursue growth beyond its core Nordic business. It will be an attractive company for customers, partners and be able to employ the best talent.”

- Michael Holm Johansen, Chairman of the Board of Arcus

Pekka Tennilä at merger press event 2020

“Through added scale and more efficient production, we can further strengthen our leading sustainability position. Joining forces will provide significant growth potential in exports and create better possibilities to bring our iconic brands and sustainable Nordic drinks experiences to new markets.

I also believe the combination will improve our image as an attractive employer in the Nordics and offer even better development opportunities for our professionals in a Nordic inclusive working culture.”

- Pekka Tennilä, CEO of Altia

Kenneth Hamnes at merger press event 2020

“The new company will be a strong and visible Nordic unit.

Together we will provide better opportunities for our international agencies and partners, to the benefit of our customers.”

- Kenneth Hamnes, CEO of Arcus

Extraordinary General Meeting

Altia’s Extraordinary General Meeting 2020 was held on 12 November 2020. The shareholders of Altia approved the merger of Altia and Arcus. Learn more about Altia's EGM here.

Documents related to the merger

Press releases

Merger prospectus and supplements

Other resources

Arcus' financial information

Altia's financial information

Altia's previous financial statements can be found on the Reports and presentations page.