Merger clearance for the sale of stake in catering business

Our team has advised a private investment group in the submission of merger notification for the sale of stake in Pontem, the leading Lithuanian player in the wholesale of food products and public catering. The target is one of Lithuanian growth leaders, accounting for 23.5% sales growth in 2013.

The shares were bought out by the other 50% shareholder of Pontem. After the share acquisition the buyer will become the sole shareholder of the company.

The sale of shares was a part of the private investment company’s strategy, which is aiming to continue focusing on the main areas of expertise, namely, aviation and agriculture. ŽIA Valda is the only Lithuanian private investment group that initiated public offering of two of its portfolio companies at the Warsaw Stock Exchange.

The deal will be finalized when the competition clearance from the Lithuanian Competition Council is received.