LATVIAN INVESTMENT FUND RECEIVED MERGER CLEARANCE

The Lithuanian competition authority Konkurencijos taryba cleared the acquisition of joint control of Freor LT by the Latvian investment fund EuVECA Livonia Partners Fund I together with Rytis Bernatonis.

The Latvian investment fund is going to acquire 33,33 percent of UAB Freor LT shares from the  company AMC III Diona based in the Netherlands and conclude a shareholders agreement with another shareholder of this company Rytis Bernatonis. On the basis of the aforementioned agreement, both parties would acquire the control of Freor LT.

On 23 August 2018 Konkurencijos taryba received merger notification. Having evaluated the circumstances related to the transaction, Konkurencijos taryba acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

EuVECA Livonia Partners Fund I invests into companies of the Baltic region engaged in different activities, including the production of wooden saunas, sauna components, as well as heat-treated wood products, retail trade of garden and household goods, IT integration services, sales of IT products, provision of Internet access, television and fixed telephone services.

Freor LT and related undertakings produce, maintain, sell and resell commercial refrigeration equipment for retailers and wholesalers.

The intended merger must be notified to the Competition Council 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.