Sale of the shareholding of Põlva Agro OÜ to the Agrowill Group, an agricultural group listed on the Vilnius Stock Exchange, was completed on 3 July 2008 pursuant to the purchase and sales contract entered into by the parties on 3 June 2008.

OÜ Põlva Agro is regarded as the most efficient dairy farm in Estonia producing in average 10.7 tons of milk per cow in 2007. The company had 2173 bovine animals in the end of the previous year. The sales revenue of OÜ Põlva Agro in 2007 was ~73 MEEK (~4,7 MEUR) and net profit amounted to 25 MEEK (~1,6 MEUR).

In this transaction Tamme & Otsmann (attorneys Tõnis Tamme and Ergo Blumfeldt) advised the seller, the long-term director of Põlva Agro Jaak Hinrikus and his holding company Põlva Farmid OÜ.

Our advice included assisting the acquisition of OÜ Põlva Agro shares from minority shareholders, counselling in connection with the financing and securitization of these acquisitions, advising in carrying out the auction for sale of the shareholding, supporting the company analysis and due diligence conducted by the parties interested in buying and advising the main transaction and the closing negotiations.