A directed share offering will at the same time make the Hartwall family’s company Hartwall Capital one of the largest owners of Royal Unibrew with a 9.99 percent stake. Hartwall holds licences from Pepsi and also makes mass-market Finnish beer Lapin Kulta.

The purchase, which is expected to complete in the fourth quarter subject to approval from the Estonian competition authorities, will make Royal Unibrew the second largest brewer in the Nordic and Baltic countries.