Coop Eesti is Estonia’s largest retail chain. Its store network includes more than 300 stores across Estonia.
SOK plans to sell Prisma, which operates in Estonia. Illustration of Helsinki’s Herttoniemi Prisma. TIINA SOMERPURO
SOK says in its announcement that it plans to sell its 13 Prisma stores operating in Estonia to Coop Eesti.
After the deal is confirmed, Prismata will become Coop stores, and the current 700 employees will be transferred to Coop Eesti.
The completion of the transaction still requires the approval of the Estonian Competition Authority. According to SOK, the authority’s decision is expected to come this year.
Until the deal is confirmed, Prisma stores will continue to operate as normal.
– After the completion of the merger, SOK and Coop Eesti aim for extensive cooperation in order to supply the products in SOK’s supermarket range to up to 300 Coop stores in Estonia, the release states.
CEO of SOK Hannu Krookin according to which the deal was concluded for strategic reasons. Estonian Prisms’ business has been financially profitable for SOK.
– We had two options: either invest significantly more in the store network ourselves, or grow through a partnership. We decided to invest in a partnership, says Krook.
SOK and Coop have agreed that the purchase price or other terms of the merger will not be made public.