News

Kotipizza applies to go private

June 7, 2019

Kotipizza's board has applied to end public trading in the brand and to delist Kotipizza's shares from the Nasdaq Helsinki, a news release said. 

Orkla ASA, a Norwegian conglomerate that operates in the branded consumer goods, aluminium solutions and financial investment sectors,owns more than 90% of all Kotipizza shares and votes and has started legal proceedings to redeem the remaining Kotipizza shares held by the minority shareholders. If that is confirmed, Orkla can gain title to all Kotipizza's shares against the placing of approved security to pay the redemption price. 

Kotipizza submitted the delisting application Friday and asked that the delisting take place as soon as possible upon Orkla's acquisition of the title to all shares in redemption proceedings.

The 32-year-old Finnish pizza chain had 280 locations at the end of 2018, and sales in Kotipizza Group restaurants — Kotipizza, Helsinki Foodstock, Chalupa, The Social Burger Joint and No Pizza — were $138.2 million (EUR 122.1 million) last year.