Finnish pet-care retailer and Nordic market leader, headquartered in Helsinki, controlled since 2024 by a consortium led by Portugal’s Sonae after an €868 million takeover. In December 2025 Musti acquired Portuguese pet chain ZU from Sonae for €12.9 million — 65 stores and 24 veterinary clinics — making Portugal its first market outside the Nordics.
Musti’s corridor story runs in both directions. First, Portuguese capital went north: a consortium led by Sonae — the Maia-based retail group — launched its €868 million tender offer for the Helsinki-listed pet retailer in November 2023 and completed the takeover in 2024, one of the largest Portuguese acquisitions ever made in the Nordics. Then the platform came south: on 16 December 2025 Musti bought ZU, Sonae’s Portuguese pet chain, in a €12.9 million all-cash deal.
The ZU transaction added 65 stores and 24 veterinary clinics and made Portugal the group’s first market outside its Nordic home base — turning a Finnish category leader into the operating platform for Iberian expansion under Portuguese ownership.
Musti is the clearest case of the corridor’s capital loop: Portuguese ownership of a Nordic category leader, which then becomes the vehicle for taking Nordic retail discipline back into Portugal. Few deals illustrate the two-way thesis better.
In December 2025, Musti Group acquired the ZU pet-care chain in Portugal from Sonae (€12.9 million, 65 stores, 24 clinics), with integration running through 2026.
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