Estonia, Financial Services, Legislation, Transport

Pursuant to the contract, Verston Holding, the entity that consolidates companies of the Verston group, as the winning bidder in a public auction will obtain 100 percent of shares in AS Eesti Teed, spokespeople for the Ministry of Economic Affairs and Communications said.

The contract was signed digitally on Monday morning by Minister of Economic Affairs and Infrastructure Taavi Aas and chairman of the management board of Verston Holding OU Veiko Veskimae. The transaction will be finalized after permission has been granted by the Estonian Competition Authority.

Aas said that the privatization of AS Eesti Teed can be described as successful. "The real value of Eesti Teed in the free market was identified in the course of the tender. The price of the transaction proved higher by nearly three million euros compared with the starting price and five different bidders wanted to buy the company," Aas said in a press release.

Veskimae said that the purchase of Eesti Teed provides a good opportunity for expanding the group's activities to include infrastructure maintenance.

Over the course of the public auction held by the Ministry of Economic Affairs and Communications at the start of October this year with a starting price of 16.9 million euros, five companies submitted bids for the acquisition of the company's shares. Verston Holding OU made the best bid with 19.7 million euros.

The sale transaction was advised by Redgate Capital AS, the audit firm BakerTilly Baltics OU and the EllexRaidla Law Office.