The fund registered in Poland MCI.PrivateVentures Fundusz Inwestycyjny Zamknięty with sub-fund MCI.TechVentures 1.0 was assisted by TGS Baltic team with obtaining of merger permit of the Latvian Competition Council to acquire sole control over company Morele.net Sp. z o.o.
One of the companies of the above fund is SIA Pigu Latvia that ensures retail trade of non-food products in the online store 220.lv. Morele.net Sp. z o.o. is engaged in retail trade through online stores in Poland and wholesale of non-food products in the European Union by supplying goods to business persons in Latvia. Thus, the merger participants in Latvia operate in vertically related markets – the wholesale market of electronic goods and the non-food retail market.
Having assessed the information provided by the companies and possessed by the Competition Council, the Competition Council concluded that the structure of the wholesale market of electronic goods and the non-food retail market in the territory of Latvia would not change, the competition would not decrease, and no dominant position would be established or strengthened in either of the vertically related markets as the result of the merger. Therefore, the merger transaction should be permitted.
The Latvian Competition Council permitted the merger on 10 October 2018.
The transaction relates to Poland, Latvia and Lithuania.
TGS Baltic team was led by Partner Andra Rubene and Senior Associate Māra Stabulniece, as well as supported by Legal Assistant Mārtiņš Galzons.