EU – Baltic States, Financial Services, Good for Business, Lithuania, Mergers and take-overs, Tourism

Novaturas said that Enterprise Investors, one of the largest private equity firms in Central and Eastern Europe, and the Lithuanian company's minority shareholders were selling their shares.

Enterprise Investors purchased a 70.72% stake in Novaturas for 40 mln euros a decade ago. The minority shareholders -- Vidas Paliunas, Ugnius Radvila and Rytis Sumakaris -- each held 9.76% of shares in the tour operator.

Poland's Itaka Group last year posted 15.1 mln euros in consolidated net profits on revenue of 427.2 mln euros. The tour operator provided services to 637,000 customers. The company owns 170 travel agencies in Poland and another three abroad.

Novaturas reported 102 mln euros in revenue for 2016. The Novaturas Group owns companies in Latvia and Estonia, both named Novatours, as well as Romania-registered Novatours Holidays and Lithuania's Aviaturas ir Partneriai.