EU – Baltic States, Investments, Latvia, Markets and Companies

Tralmaks is the sole owner of Nedela S.A, but the deal was financed 100% by Luxembourg Financial Services (LSF). According to a statement, made by Bonnier Business Press, LSF is owned by a group of wealthy Estonian entrepreneurs, headed by Kalle Norberg, one of LFS founders.

The transaction was signed in July 3 in Riga; Catella Corporate Finance acted as the consultant and ensured attracting finances for the deal. The former member of the board at Bonnier John Hedberg also assisted to the transaction, reports LETA.

Casten Almqvist, CEO and President of Bonnier Business Press comments that Nedela S.A. made an advantageous proposition, which Bonnier Business Press sees as an opportunity to further strengthen its positions in its priority markets – Scandinavia, Russia, Estonia, Lithuania, Poland, Bulgaria, and Slovenia.

Tralmaks expressed joy over the concluded deal and said his company would continue to ensure the traditions of independent journalism and freedom of speech that have always been the core values of the newspapers "Diena" and "Dienas Bizness".

"The buyers know the companies very well. Tralmaks was previously CEO for the newspaper "Diena". Furthermore, one of the proposed new board members, John Hedberg has a background as part of the top management team at Bonnier Newspapers," Casten Almqvist added.

Tralmaks pointed out that Nedela S.A. plans include further investments to enhance development of the companies. However, in the near future, no major changes are expected in the work of both enterprises, as the former owners have already taken significant action to adjust the organizations to the prevailing economical environment, Tralamks said. He also underlined that, in the long term, the companies will focus on developing the Internet versions of "Diena" and "Dienas Bizness".

Estonian business Web site "Aripaev.ee" estimates that the value of the deal could be around EEK 0.5 billion ( LVL 44.9 million); the parties, which concluded the deal, abstain from revealing the actual figure. Äripäev estimated also that the Estonian investment in Latvia might even reach nearly a billion Estonian kroons – the highest amount ever invested from Estonia to Latvia.

Newspaper "Diena" was established in 1990. Currently Diena media group publishes both national and regional press, as well as magazines and books.