The Estonian Competition Authority has given permission to the Latvian alcohol producer and seller Amber Beverage Group to buy Estonia's third-largest alcohol producer Remedia.
The Estonian watchdog made the decision on Wednesday following a proceeding that lasted almost a month.
Amber Beverage Group announced in December that they have reached agreement with Remedia shareholders on the acquisition by Amber of 100 percent of the shares and that Remedia will go on as an independent company also after the transaction.
Remedia is the third-largest alcohol producer in Estonia. It was the first private company to get a permit to produce alcoholic beverages in Estonia after the country regained independence in 1991.
The company finished 2017 with a loss of €250,000 on sales of €6.8 million.
Headquartered in Riga, Amber Beverage Group has production and marketing units in Russia, Mexico, the United Kingdom, and the Baltic countries. The main brands of Amber Beverage Group are Moskovskaya, Riga Black Balsam, Cosmopolitan Diva, and Rooster Rojo Tequila. The company exports its products to more than 160 markets.
Amber Beverage Group also owns another Estonian company, Amber Distribution.
Editor: Dario Cavegn