Estonia’s largest investment group acquires Latvijas Gaze

AS Eesti Gaas, the largest privately-owned energy company in the Baltic and Finnish region, is to acquire JSC GASO, the sole natural gas distribution network company in Latvia.

The transaction continues the trend for energy deals in the region and is subject to Latvian government approval for ownership of national security assets and clearance from competition authority.

JSC Latvijas Gaze will receive an EUR 120 million consideration and interest payable until completion, expected by the end of 2023.

Eesti Gaas will create synergies with existing operations in Estonia, Finland, Latvia, Lithuania and Poland under the Elenger brand. Latvijas Gaze will focus on core activities.

Eesti Gaas is a wholly owned subsidiary of AS Infortar, Estonia’s largest investment group with interests in Tallink, real estate, hotels, offices, logistics, land, construction and mineral resources. Group revenues are EUR 1bn+.