January 19 (SeeNews) - Croatia's competition authority said it has approved the acquisition of Croatian furniture manufacturer Spin Valis by wood processing company Valinge Croatia, respectively by Swedish business group Pervanovo.
“The aim of this transaction is to make international the business of Spin Valis and to carry out a correct and consistent transfer of know-how. With regard to this, it is a pro-competitive transaction as it contributes to spreading of technology,” the competition watchdog, AZTN, said in a press release on Wednesday.
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Valinge Croatia is a wholly-owned unit of Swedish floorings producer Valinge Innovation, a company majority owned by business group Pervanovo of the Pervan family.
Founded in 1993 and run by Darko Pervan, Valinge Innovation has developed the concept of glue-less click flooring.
In November, Darko Pervan said that Pervanovo Invest, fully owned by the Pervan family, has signed a deal to acquire 85% of Spin Valis, with the intention to acquire all of its shares. Spin Valis is the fifth acquisition of Pervanovo in Croatia, he added back then.