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

The Competition Council has concluded that the acquisition deal will have no impact on competition in the waste management business and will not result in any of the involved companies holding a dominant position on the market.

The Competition Council notes that the two companies provide different services and their operations do not overlap.

As reported, Bioinvest acquired 100% of Latvia's leading waste management company L&T from the Finnish waste management and cleaning service Lassila&Tikanoja this past March.

Nordea banka provided EUR 9.4 million to Bioinvest for completion of the acquisition deal.

Bioinvest was established in 2003, it belongs to Vides investicijas (90%) and Energijas risinajumi (10%).

Lassila&Tikanoja is represented in Finland, Sweden, Latvia and Russia. It entered the Latvian market in the fall of 2003 by acquiring the largest local waste management company. The group's turnover amounted to EUR 582 million in 2009.