Estonia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Tuesday, 23.04.2024, 15:09

Estonia: UP Invest increases stake in Apollo Group

BC, Tallinn, 06.06.2019.Print version
UP Invest, a company majority owned by Estonian businessman Margus Linnamae, is increasing its stake in Apollo Group and thereby acquiring sole control over the company, informed LETA/BNS.

Sven Nuutmann, member of the board of UP Invest, told on Thursday that the transaction was a usual business transaction of mutual benefit where the parties had reached agreement between themselves.


"This will entail no change in the day-to-day operations of companies of Apollo Group; the same strategy will continue to be applied, and the same management [will continue]," Nuutmann said.


Until now UP Invest, with a holding of 55%, and Sandbach, with a holding of 45%, have had joint control over Apollo Group. As a result of the transaction, UP Invest will have sole control over Apollo Group in the future, it appears from a notice of the Competition Authority. 


UP Invest is owned 78% by Margus Linnamae and 20% by Ivar Vendelin. UP is also the owner of news agency BNS via other firms.





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