Estonia, Lithuania, Markets and Companies, Mergers and take-overs

The value of the deal, which is subject to regulatory approval, is not being disclosed. 

Akropolis said in a press release that the sale is part of the company's strategy to divest its non-core businesses. 

"We seek to focus on our core business of developing and operating shopping and entertainment centers," Akropolis Group CEO Vytautas Labeckas said.

Tadas Rackauskas, CEO at Apollo Group, the owner of APL Restaurants, in Latvia and Lithuania said the acquisition is aimed at consolidating the company's operations in the entertainment segment.

"This is a strategic acquisition by Apollo Group in concentrating its operations in the entertainment segment and seeking not only to own the Apollo trademark of bowling centers, but also to offer new quality entertainment services to residents of Lithuania's major cities," he said in the press release. 

Ozo Boulingas owns three Apollo bowling centers in the Akropolis malls in Vilnius, Klaipeda and Siauliai.

Apollo Group owns Apollo book stores, Apollo cinemas, Blender juice bars and IceCafe ice cream cafes, and the film distribution company Baltic Film Distribution