Latvian leading news agency LETA sold to BNS owner UP Invest
Estonian investment company UP Invest, owner of the Baltic News Service (BNS) news agency group, has acquired LETA, the largest news agency in Latvia.
The transaction is subject to approval by the Latvian competition authorities. Financial details of the transaction were not disclosed.
The information agency LETA offers news and business information solutions to organizations and companies. LETA was established in 1992, but the agency's history goes back to 1919. Among the agency's clients are the largest business, media and state institutions and organizations, as well as embassies and international companies. In 2014, LETA had 158 employees and company's revenues amounted to more than EUR 3 million.
UP Invest is an investment company that has holdings in media, retail, IT and technology sectors. The company is fully owned by Margus Linnamäe. "UP Invest has a long term view of the Baltic media market and sees the acquisition as an important step in its strategy," said Sven Nuutmann, Member of the Management Board of UP Invest, adding that the brands of BNS and LETA would both be continuously used in Latvia.
Superia Corporate Finance acted as the sole financial advisor to the vendors in the transaction.