Latvian Competition Council allows Global Champs to acquire Baltic Champs

The Latvian Competition Council has allowed the Latvian-owned Mhitaryjans family company „Global Champs“ to acquire the mushroom business „Baltic Champs“ from the financially troubled „Auga Group“, one of the largest organic food producers in the Baltics, which is undergoing a restructuring process.

The Latvian authority granted the approval on 16 February, „Auga Group“ announced via „Nasdaq“ Vilnius Stock Exchange.

The Lithuanian Competition Council had also cleared the transaction a little earlier.

„The company continues to pursue all other steps necessary for the sale of „Baltic Champs“ shares and is making every effort to complete the sale as quickly as possible,“ said „Auga Group“ in a statement.

As BNS wrote, „Global Champs“ is seeking to acquire 100% of the shares. The companies signed a preliminary agreement on the deal in December last year.

At the time, „Auga group“ said the deal would not only reduce its financial liabilities by almost EUR 5 million but also cover accrued and unpaid interest. The final price of the sale is not yet known.