Salling Group, the largest retailing group in Denmark, agreed to acquire RIMI Baltic which operates retail chains in Latvia, Lithuania and Estonia. With a valuation of EUR 1.3 billion, this marks the largest Baltic transaction during this decade.
Sorainen partner Laimonas Skibarka comments: “This will be one of the largest investments in the Baltics to date and is a strong sign of confidence in the Baltic region and our economies. The entry of the leading Danish retailer into the Baltics should also invigorate the Baltic retail market and support general economic growth.”
Salling Group operates stores and web shops in Denmark, Poland and Germany as well as Starbucks and Carl’s Jr. franchises in Denmark. At the end of 2023, it had 1,726 stores, more than 58 thousand employees and an annual revenue of approx. EUR 9.4 billion.[1]
RIMI Baltic is one of the largest retailers in the Baltic States, operating four store formats – Rimi Hyper, Rimi Super, Rimi Mini and Rimi Express (over 300 stores in total), and an e-store. Its annual turnover in 2024 was over EUR 1.9 billion.[2]
Completion of the transaction is subject to customary regulatory clearances.
Our team and services
Sorainen advised Salling Group, in cooperation with Danish law firm Bech-Bruun, on legal due diligence of the target companies in the Baltics and on other transaction-related matters. Our pan-Baltic team is led by partner Laimonas Skibarka and counsel Jonas Kiauleikis, as well as partners Jānis Līkops, Simonas Skukauskas and Piret Jesse.
[1] Data taken from sallinggroup.com, turnover converted to EUR based on 31 Dec. 2023 exchange rates.
[2] Data taken from icagruppen.se, turnover converted to EUR based on 31 Dec. 2023 exchange rates.
