COMPETITION COUNCIL ALLOWS TO ACQUIRE JOINT CONTROL OF UAB PLAZMA TECHNOLOGIJOS

On November 21, the Competition Council allowed UAB Ni plėtra to acquire up to 50 per cent of UAB PLAZMA TECHNOLOGIJOS shares and, thus, together with UAB Balt Development to acquire joint control of UAB Plazma technologijos.

UAB Ni Plėtra and the related undertakings are engaged in investments, business management, consulting, real estate development and rent, etc.

UAB Balt Development and the related undertakings are engaged in construction, rent and exploitation of owned and rented real estate, leasing, etc.

UAB PLAZMA TECHNOLOGIJOS is engaged in construction and real estate operations.

Having evaluated all the circumstances related to the merger, the Council acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

Notes

(1) Mergers (Concentrations) are cases when two independent undertakings merge or when one undertaking gains control over another. As these changes may restrict effective competition in a relevant market, mergers involving firms that exceed turnover limits established in the Law on Competition must be cleared by the Council. The Council authorises only such mergers that will not have significant adverse effects on the conditions of competition.

(2) Control means any rights arising from laws or transactions that entitle a legal or natural person to exert a decisive influence on the activity of an undertaking, including the right of ownership to all or part of the assets of the undertaking or the right to use all or part of such assets; other rights which confer a decisive influence on the decisions or the composition of the undertaking’s personnel.