"The price will be paid in cash of which the net debt will be deducted at the time of closing," reads a press release which the leading Croatian producer of sports food, vitamin drinks, food supplements and personal care products issued on the Zagreb Stock Exchange on Thursday.

"Transaction will be financed through combination of own capital of Atlantic Grupa, stock holders capital and credit means of financial institutions such as that of UniCredit Group and Raiffeisen Group," it added in the press release.

Istrabenz stated in a press release issued on the Ljubljana Stock Exchange today that the leading Slovenian food company was sold to Istrabenz's strategic partner and that the Slovenian company was sold to Atlantic Grupa which "was recognized as a highly sensitive social partner, and it intends to continue developing Droga Kolinska as a whole, together with its business and human resources."

Atlantic Grupa was chosen as the best bidder amongst wide range of investors, and it is expected that the sale process be finished by the end of the year.

"Droga Kolinska and Atlantic Grupa deal in complementary businesses, without significant overlaps and with large possibilities of synergies - in portfolio as well as presence on the market," the latter said in the press release.

"Through the acquisition of Droga Kolinska, Atlantic Grupa becomes one of the largest food companies in Southeastern Europe, with revenues exceeding 600 million euros, 4300 employees and one of the strongest portfolios of wholesale products with leading brands such as Cedevita, Argeta, Barcaffe, Grand Kafa, Cockta, Smoki and Multipower, together with principal brands of global leaders - Wrigley, Ferrero, Hipp and Johnson&Johnson, which the company distributes in the region."