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

Merger between Altia and Arcus

The merger of Altia and Arcus was completed on 1 September 2021. The combined company, Anora, is the leading wine and spirits brand house in the Nordics and a global leader in sustainability in the beverage industry.

Deal rationale

  • The leading wine and spirits brand house in the Nordics

  • Superior pan-Nordic route-to-market

  • Competitive platform to grow in and outside home markets

  • Step-change in scale with efficiencies across the value chain

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

Read the Merger Announcement Release and watch the replay of the announcement presentation here.

Deal structure

The combination was implemented as a statutory cross-border absorption merger whereby Arcus was merged into Altia and dissolved. As merger consideration, the shareholders of former Arcus received 0.4618 new shares in Altia for each share in Arcus owned by them. Arcus’ shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The former Altia shareholders received an extra dividend of EUR 0.40 per share.

The Anora share had a temporary secondary listing on the Oslo Stock Exchange from 1 September until 31 December 2022. Read more about share conversions here.

Regulatory process

In line with the competition authorities’ requirements, Altia and Arcus agreed on brand divestments to Galatea AB. The divested brands were Altia’s aquavit brands Skåne Akvavit, Hallands Fläder and Brøndums and cognac brand Grönstedts, and Arcus’ aquavit brand Akevitt Spesial and spirits brands S.P.R.T. and Dworek.


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. Learn more about Altia's EGM here. 25 Nov 2020: Altia dividend payment (AGM authorised, 0.21e per share) 1 Sep 2021: Merger completed: Anora is formed

In connection with the 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

Documents related to the merger

Stock exchange 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.