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International Internet Magazine. Baltic States news & analytics Thursday, 21.01.2021, 14:38

Finland's Veho buying Baltic car dealer Silberauto

BC, Tallinn, 17.09.2019.Print version
Finland's Veho is buying Silberauto, an importer and dealer of Mercedes-Benz cars in Lithuania and Estonia, reported LETA/BNS.

Following the acquisition, whose value was not disclosed, Silberauto will continue to operate as a separate company and its brand and places of business will remain unchanged, Veho said in a statement.

"The transaction is a consistent step in implementing our strategy and, at the same time, an important milestone for the entire Nordic sector," Veho CEO Juha Ruotsalainen said. 

"Since many of our customers are in the Baltic Sea region, were are strengthening our foothold there," he added.

Veho, a car dealership operating in Finland, Sweden and the Baltic countries, posted 1.2 bn euros in revenue for 2018, with more than one fifth of its generated in Sweden and the Baltics. 

Silberauto, which sells Mercedes-Benz, Unimog and Mitsubishi Center Fuso vehicles, reported a net profit of 1.881 mln euros for 2018 as revenue hit a new record high of 269 mln euros. 

The Lithuanian company is wholly owned by Estonia's Silberauto


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