KT ALLOWS LHV GROUP AS AND LIMITED PARTNERSHIP RAZFin TO ACQUIRE UAB SNORO LIZINGAS

On 28 June, the Competition Council (Konkurencijos taryba, KT) allowed LHV GROUP AS and the limited partnership RAZFin to acquire 100 per cent of UAB SNORO LIZINGAS shares.

LHV GROUP AS provides licensed financial services in Estonia.

RAZFin and the undertakings related to it perform various activities, for instance, management of realty and investments, provision of heating and other.

UAB SNORO LIZINGAS is a financial institution that provides services of leasing and consumer loans to natural persons in Lithuania.

Parties to the merger in their notification indicated that when implementing the merger they assume non-competition obligations.

Having evaluated all the circumstances related to the intended transaction, and the fact that the persons involved in the merger as well as the undertakings related to them operate in different markets, the KT acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

Notice

(1) The KT’s permission to implement the merger includes undertakings’ assumed additional obligations on the restriction of activity that are necessary and directly related to the implementation of the merger and are in compliance with the principles established by the European Commission. However, when analyzing the question of whether permit the implementation of the merger, the KT does not evaluate the additional activity restrictions provided in the merger notifications. Pursuant to the principles of the European Commission, the undertakings participating in the merger have to self-assess whether activity restrictions are necessary and directly related to the implementation of a specific merger.

(2) Clearance of the merger that includes additional restrictions does not eliminate the right of the KT to start an investigation on the restrictions determined by the parties or other actions that are not necessary or directly related to the implementation of the merger in the future.

Communication division