EU – Baltic States, Legislation, Lithuania, Tourism
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Friday, 29.03.2024, 06:36
Poland's Itaka to take over Lithuania's tour operator Novaturas
The Lithuanian Competition Council received on Thursday Itaka Holdings' request for permission
to take over 100 percent of shares in Novaturas.
The Polish company will also take over Novaturas'
subsidiaries in Latvia and Estonia, both named Novatours, as well as Romania-registered Novatours Holidays and Lithuania's Aviaturas ir Partneriai.
Under the deal that was announced in late June, Enterprise Investors, a leading Central and Eastern European
private equity firm, is selling a 70.72 percent stake in Novaturas that it owns via Luxembourg-based Central European Tour
Operator and minority shareholders -- Vidas
Paliunas, Ugnius Radvila and Rytis
Sumakaris -- are each selling 9.76 percent of shares.
Enterprise Investors purchased the stake in Novaturas
for 40 million euros a decade ago.