Estonia, Internet, Latvia, Markets and Companies, Mergers and take-overs, Technology

The price of the deal has not been revealed.

Xnet spokesman Jorens Kovalovs said that the company is not planning any major strategy changes, and will keep its current brand unchanged. The company also intends to continue expanding its cooperation with the partners.

Xnet board member Martins Svans says that this cooperation will allow Xnet customers to receive convenient and quality service like before, as well as a more extensive choice of goods in the entire territory of Latvia. "By combining both companies' experience and energy, we are aiming to achieve rapid growth and become the leading e-commerce company in Latvia."

Estonia's Hansapost is an e-commerce and distance trade company founded in 1997. The company's turnover in 2014 was more than ten million euros.

Xnet is the owner of Xnet.lv and Aboluveikals.lv. Xnet.lv was founded in 2003, but Aboluveikals.lv, which is the only official "Apple" online store in Latvia – in 2007.

Xnet turned over about four million euros last year, the company's representatives said.

According to Firmas.lv information, in 2013 Xnet turned over EUR 4.26 million, which is 4% less than in 2012, when the company's turnover reached EUR 4.63 million. In 2013, the company suffered losses in the amount of EUR 22,538. In 2012, the company earned EUR 15,496.

Xnet was founded in 2002. The company's share capital is EUR 4,624. Xnet shareholders are the Estonian company Hansapost – 70.05%, Svans – 16.67%, Ilze Svane – 6.64%, and Didzis Svans – 6.64%.