Poland’s investment fund MCI. PrivateVentures, which now owns 51 percent of shares in the Baltic e-retailer Pigu, has been given the go-ahead to acquire full control of the Vilnius-based company and of Poland’s Morele.net, the Lithuanian Competition Council reported.
The regulator said in a press release that the planned concentration “will not create or strengthen a dominant market position or significantly impeded competition in the relevant markets”.
Pigu retails electronic appliances and other non-food products in Lithuania. Morele.netwholesales electronic products in the country.
MCI.PrivateVentures bought its 51 percent stake in Pigu for an undisclosed amount of money in July 2015. The retailer’s other shareholders include LTU Invest, a company of Donatas Karosas, with 26%, Tadas Karosas’ LTk Capital with 15% and Dainiaus Investicijos with 7.99%.
The Pigu Group, which comprises Pigu, the owner of online shops in the Baltic countries, and Latvia’s Pigu Latvia and Estonia’s DLB Trading, posted 551,000 euros in consolidated net profits and 72.1 mln euros in consolidated revenue for the financial year 2016-2017.
