TWO MORE INVESTMENT FUNDS AUTHORISED TO ACQUIRE HOLDINGS IN COMPANIES

The session of the Competition Council examined the applications filed by two undertakings for the authorisation to implement concentration, and passed decisions in respect of the issues considered.

1. Following the provisions of the Law on Competition the authority decided to authorise BALTIC SME FUND C.V. to implement concentration by acquiring a 34 percent shareholding in UAB Voira in accordance with the submitted notification, having established that the intended concentration will not cause any major changes in the degree of concentration in the relevant markets, neither it will create or strengthen the dominant position or result in a significant restriction of competition in the relevant markets.

BALTIC SME FUND C.V. is a Dutch registered fund investing in small and medium-sized enterprises in Lithuania, Latvia and Estonia. The main activities of UAB Voira are the wholesale and retail trade in toys and other goods for children. As indicated in the notification submitted to the Competition Council following the concentration transaction UAB Voira will not change its principal activities and the main purpose of the fund is to generate the return on investment by developing the activities of the target companies.

2. The decision was passed to allow the Luxembourg-registered investment company AMBER TRUST II S.C.A. to implement the concentration transaction by acquiring up to 100 percent of shares in AB Kauno pieno centras. The Competition Council assessed the intended concentration as conglomerate, since AMBER TRUST II S.C.A. or the entities related thereto do not affect the relevant markets, in particular the wholesale market of ice-cream wherein AB Kauno pieno centras operates. For that reason the dominant position will be neither created or strengthened, neither the transaction will result in any significant lessening of competition in the relevant markets.

As stated by the participants of the concentration the acquisition of the block of shares of AB Kauno pieno centras is a constituent part of the strategy pursued by AMBER TRUST II S.C.A. to develop its investment activities in the Baltic region.