The companies are now finalizing details of a shareholders' agreement, it said.
Following the deal, which is being handled by Swedbank's corporate finance unit in Lithuania, Arvi will retain a 51 percent stake in the sugar refinery. The group would not disclose the value of the deal, but market analysts estimate that it should be at least 10 million litas.
"We expect to complete the negotiations by the start of the sugar production season in late August," Eversus.lt quotes Vidmantas Kučinskas, chairman of the Arvi Group.
Pfeifer & Langen's acquisition of a 49 stake in Arvi Cukrus would help accelerate the sugar refinery's development and its technological progress, he said.
"The Germans are interested in Arvi Cukrus' sugar quota and in demand for sugar in the Baltic countries and neighboring markets, for example, Poland and Germany," the website quoted unnamed market specialists as saying.
Arvi Cukrus, which is based in Marijampolė, southern Lithuania, posted a loss of 720,000 litas last year, on revenue of 88.2 million litas.
Pfeifer & Langen is Germany's third-largest sugar manufacturer.
