KONKURENCIJOS TARYBA CLEARS ACQUISITION BY LATVIAN COMPANY

Konkurencijos taryba cleared the acquisition of joint control of UAB Taikos centras by the Latvian company New Bumani Invest and Raimundas Petrikas.

On 17 October 2019 Konkurencijos taryba received merger notification. Having evaluated the circumstances related to the transaction, the authority acknowledged that the intended merger would not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

Undertakings related to New Bumani Invest (holding) own the subsidiaries, engage in the do-it-yourself retail, develop real estate projects, provide rental services to firms belonging to the group of associated undertakings and to other persons.

Undertakings related to Raimundas Petrikas control the subsidiaries, develop and lease real estate, perform the activities of Kaunas city auto market, pharmacies, produce and sell orthopedic products, as well as provide other medical services.

Currently inactive company Taikos centras is planning to develop and lease real estate.

The intended merger must be notified to Konkurencijos taryba and clearance must be obtained if the combined aggregate income of merging parties in the business year preceding the merger exceeds EUR 20 million and the aggregate income of each of at least two merging parties in the business year preceding the merger exceeds EUR 2 million.