Latvian A/S Delfi acquires a stake in financial comparison platform company SIA Altero
On October 18, 2019, A/S Delfi, 100% subsidiary of AS Ekspress Grupp, signed a contract to acquire a 25.5% of shares in financial comparison and brokerage platform company SIA Altero.
SIA Altero operates the financial comparison and brokerage platform in Latvia (Altero.lv) and starting from spring 2019 also in Lithuania (Altero.lt). More than 90,000 Altero clients have compared financial offers for consumer loans, car loans and other products since the launch in June 2016. The company is a leading financial comparison service provider in Latvia and Lithuania. The founders of Altero, Mr. Sandis Grinfelds and Mr. Arturs Kostins will continue active participation in the management of the company. The parties have agreed not to disclose the price or other conditions of the transaction.
The aim of the acquisition is to increase the share of group’s digital revenues and develop the group’s diversified digital business footprint.
The transaction is not to be treated as a significant transfer for the purposes of the “Requirements for Issuers” section of the NASDAQ Tallinn Stock Market rules. AS Ekspress Grupp confirms that neither A/S Delfi nor AS Ekspress Grupp’s board members are in any way personally interested in the transaction.
A/S Delfi manages the most popular Latvian news portal delfi.lv. It has more than 800 thousand monthly users. Since 2007, A/S Delfi belongs to the media group AS Ekspress Grupp.
AS Ekspress Grupp
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AS Ekspress Grupp is the leading media group in the Baltic States whose key activities include web media content production, publishing of newspapers and magazines and provision of printing services in Estonia, Latvia and Lithuania. Ekspress Grupp that launched its operations in 1989 employs 1700 people, owns leading web media portals in the Baltic States and publishes the most popular daily and weekly newspapers as well as the majority of the most popular magazines in Estonia.