Altia, a Finnish state-owned corporation, which produces, imports, exports and markets alcoholic beverages, agreed to merge with Arcus, a Norway wholesaler of wine and liquor, in a $452m deal. Arcus’ shareholders will in aggregate receive shares representing approximately a 46.5% ownership in the combined company. Arcus will receive 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. “This combination of two equal Nordic companies is a logical continuation on Altia’s strategic journey that started with the initial public offering in 2018. Together, these two innovative companies are taking an important step to become the Nordic wine and spirits brand house with excellent potential for growth also outside the Nordics,” Sanna Suvanto-Harsaae, Altia Chairman. On November 12, 2020, the extraordinary general meeting of Arcus approved the deal.