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Saturday, 20.04.2024, 10:12
Auga Group seeks regulatory OK to buy Lithuanian business of Germany's KTG Agrar
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The Lithuanian Competition Council on Tuesday received a request from Agrowill Smilgiai, an agricultural company owned by Auga Group, to clear its acquisition of 100% of shares in KTG Agrar, Agrar Raseiniai, Agrar Mazeikiai, PAE Agrar, Delta Agrar, fentus 10., norus 26. and LT Holding each.
Auga Group, which is indirectly controlled by businessman Kestutis Juscius, announced in early December that it had signed a deal to buy these companies for 1.38 mln euros in total.
Auga Group CEO Linas Bulzgys then said that the acquisition would allow the group to increase its operational land plot by more than 30% to 33,000 hectares.
The KTG companies posted 4.7 mln euros in consolidated sales revenue for 2015. They employ a workforce of about 50 people.
Germany's legal services website Anwalt.de reported in mid-November that KTG Agrar was insolvent and was undergoing bankruptcy proceedings. Reportedly, the company's debts amount to at least 394 mln euros.
Auga Group is listed on the Nasdaq Vilnius stock exchange and on the Warsaw Stock Exchange.
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