Baltic, Good for Business, Markets and Companies, Mergers and take-overs

As reported, The Competition Council in December 2018 allowed Dutch Reitan Convenience, the owner of Narvesen Baltija, to acquire Coffee Inn.

The Competition Council concluded that competition will not reduce as a result of the merger, and there will be no dominating position acquired in any of the markets in Latvia where both merger participants work.

Reitan Convenience purchased Caffeine chain from investment fund Lithuania SME Fund that held 70.5% of the shares, and from Lithuania's Keturi Kamariai that held the remaining 29.5% stake.

The transaction was a part of the Reitan Convenience's strategy to strengthen the leading position of convenience stores in the European market.

Coffee Inn was registered in 2010, and has a share capital of EUR 2,845. In 2018, the company's turnover was EUR 2.592 mln, while loss reached EUR 54,453.

Narvesen Baltija was registered in 1997, and has a share capital of EUR 10.593 mln. Its turnover in 2018 was EUR 64.22 mln, while profit reached EUR 1.579 mln. Reitan Convenience is the operator of the Narvesen, R-kiosk, Pressbyran, and 7-Eleven convenience stores in the Nordic and Baltic countries.