Estonia, Latvia, Legislation, Mergers and take-overs, Transport

As a result of the transaction, the market share of Hansabuss in the bus transport segment open to public competition is about 10 percent, the company said.

According to a member of the board of Hansabuss AS, Neeme Tammis, with the transaction the company further strengthens its position on the Baltic public bus transport market. He added that it is another step made in preparation of the Latvian bus transport market opening in 2020.

"For Hansabuss, acquiring Aips is the third purchase transaction in the Baltic countries and the second in Latvia in the past 12 months. We plan to continue actively expanding in the Baltic countries in all bus transport segments according to the market situation," Tammis said.

"I believe that Hansabuss will make a positive contribution to the development of Aips and passengers will mainly win from this transaction," one of the large owners and a member of the board of Aips Uldis Koluzs said.

Former owners of Aips, Uldis Koluzs and Aivars Pundurs, will remain actively connected to the company for the next 12 months.

The cost of the transaction is confidential.

Aips SIA mainly serves the city and county lines of Bauska, local school lines and domestic long-distance routes. The group employes more than 100 people and owns 35 vehicles, including 28 buses. Its revenue forecast for 2017 is more than two million euros.

As a result of the transaction, the annual revenue of Hansabuss's Latvian unit increases to nearly seven million euros, the number of employees to more than 235 and the number of vehicles to more than 120.