Russian baby food maker Nutritek has finalised an acquisition of the remaining shares in New Zealand Dairies Limited (NZDL).

The company has bought the outstanding 18% for NZ$16.7m (US$10.5m), an amount financed entirely through financial leverage against a pledge of the purchased shares with the rest of funding coming from NZDL funds.

Nutritek said the transaction removes the risk of imminent divestiture and enhances the integrity of NZDL and that of Nutritek as a group.