Estonia, Investments, Latvia, Legislation, Markets and Companies, Mergers and take-overs

The new owner of BNS Latvija SIA will be Arno Mägi, legal advisor and former trustee in bankruptcy, who has not had any contacts with media business before. Mägi's holding company will not get BNS' trademark with the purchase.

“As the trademark of BNS is a pan-Baltic one, we did not sell the trademark, and its owner is the Estonian parent company BNS Group OÜ,” said Sven Nuutmann, a member of the Management Board of UP Invest, Linnamäe's holding company.

Recently, UP Invest bought LETA, the largest news agency in Latvia, but in order to get a permission from the Latvian Competition Board for the transaction, UP Invest will have to give up corporate shares in BNS' Latvian subsidiary.

“As our advisors very clearly stated that we cannot own both enterprises, this is the only reason for us to put BNS Latvija up for sale,” explained Nuutmann.