November 14 (SeeNews) - Swedish group Pervanovo has signed a deal to take over a controlling stake in Croatian furniture producer Spin Valis, Croatian media reported on Monday.
The transaction, signed via Pervanovo's subsidiary Valinge Croatia, will be finalised upon approval by the local competition authority AZTN, the Jutarnjy List daily reported without disclosing financial details.
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Pervanovo said that the takeover enables it to faster achieve its objectives for production of furniture, using a click technology by Valinge, according to the media report.
By the time this article was published, Pervanovo and Spin Valis have not responded to emails by SeeNews seeking comment.
Pervanovo group owns Croatian wood processing companied Bjelin and Spacva and runs tourism business around Dubrovnik.