Baltic, Financial Services, Funds, Good for Business, Markets and Companies, Mergers and take-overs, Retail, Technology

IM Arvutid operates under the iDeal trademark in Estonia and Latvia and under the 1Store trademark in Finland, offering Apple products and accessories as well as full customer support as the largest authorized Apple dealer in the Baltic region.

Antti Adur, set to stay on as CEO of IM Arvutid after the acquisition, said that iDeal and 1Store have developed into strong and trustworthy trademarks on the Baltic and Finnish markets, owning four top-quality Premium Reseller shops in Estonia, five in Latvia and three in Finland. The company owns a total of 14 stores in Estonia, Latvia and Finland and offers B2B customer services in five cities.

"The mainly private client-oriented iDeal is sure to complement UP Invest's OU Klaar that operates the Valge Klaar trademark as an established Apple reseller on the Estonian business clients' market," Adur said.

Member of the board and CEO of UP Invest Sven Nuutmann said that Valge Klaar has been successful as an Apple service and repair partner and in catering to business clients and now has the opportunity to take these valuable experiences to clients of iDeal and 1Store.

"This acquisition will expand our geographic reach in terms of sales, services and repairs of Appleproducts, and we are sure to prioritize expansion on the Baltic market and in Finland wherein we perceive great potential," Nuutmann said, adding that the merger will first and foremost benefit users of Apple products and services.

Nuutmann said Klaar OU and IM Arvutid AS will continue as separate trademarks under current management.

Founder and owner of IM Arvutid AS Ismo Uosukainen said that the transaction will render both established resellers more relevant for clients, more attractive for partners and easier to manage for Apple in Estonia.

Uosukainen added that consolidation of Apple resellers is a growing trend in Europe and necessary to maintain liquidity in small markets. He added that the company's turnover is forecast at 60-65 mln euros for 2020.

The acquisition still needs to be approved by the Estonian Competition Authority.