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The Swedish Bergs Timber AB has decided to sell its sawmill business in Latvia, SIA Vika Wood, one of the largest and most efficient sawmills in the Baltic region. On 20 December 2024, Bergs Timber AB concluded an agreement with Nextwood One GmbH, a company of the Austrian HS Timber group, regarding the sale of 100% of shares in the Latvian wood processing company SIA Vika Wood.
The transaction is subject to clearance by the Competition Council. The parties plan to close the transaction in the first quarter of 2025.
TGS Baltic provided full transactional support concerning Latvian law and Latvian jurisdiction, including assistance with drafting, negotiating and signing the share purchase agreement.
Bergs Timber was assisted in this project by the TGS Baltic team: partner Andra Rubene and senior associates Anna Vaivade, Dita Buša, and Alīna Lepere.
Bergs Timber
Bergs Timber — an international wood products group — consists of independent subsidiaries that develop, produce, and market processed wood for various applications. The sale of the raw material provider SIA Vika Wood will allow Bergs Timber to focus on its current strategy: the production and sale of customer-oriented processed wood products.
Vika Wood
SIA Vika Wood is a leading manufacturer of high-quality coniferous-sawn timber in the Baltics. Its sawn timber production capacity reaches 300,000m³ per year. The company processes logs from sustainably managed local forests. Its products are exported to more than 30 countries worldwide. The sawmill also plays a crucial role in the regional value chain, supplying byproducts to the pellet producers and pulp industry.
For more information, please visit:
https://www.bergstimber.com/en/press/press?news_id=82940b4e-0a42-45b3-868b-dcb3b93d9880
TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 170 lawyers across the Baltics http://tgsbaltic.com/