The transaction comes after more than three years of failed attempts to auction off the bankruptcy estate of Vinag, which has been in receivership since 2014.

Last December Prelogar received six offers. Three bidders were interested in buying the entire complex, two only production facilities and one only the old wine cellar in Maribor's city centre.

At the initiative of one of the creditor banks, the bidders were asked to raise their bids. Only Metalka Commerce responded, raising its bid from EUR 800,000 to EUR 1m.

The new owner would not reveal its plans for Vinag. "We are taking it one step at a time. First the takeover," Metalka Commerce CEO Franc Ziherl told the newspaper Večer a few days ago.

Metalka Commerce is part of a business empire of Marjan Pišljar, dealing mostly in real estate and stocks.

The complex sold includes Vinag's 20,000 m2 wine cellar beneath Maribor's city centre, a new winery in the Košaki borough, 55 hectares of vineyards in the vicinity of the city, four wine brands and the Vinag brand.

The property was initially offered at the asking price of EUR 4.2m in 2015. Last year, it was all but sold to a company owned a US businessman with Slovenian roots, James Lukežič. He offered EUR 1.96m but did not come through with the payment.