Eesti Gaas AS signed a definitive agreement to acquire JSC “Gaso” from AS Latvijas Gaze (RISE:GZE1R) for €120 million on April 14, 2023. JSC Latvijas Gaze will receive a base equity consideration amounting to €120 million and interest payable for the time until completion. The transaction will be completed, subject to the completion mechanics related to government approvals for allowing ownership of national security assets and clearance from competition authority.

The transaction is expected to close by the end of 2023, subject to customary closing conditions. Raimonds Slaidinš, Maris Brizgo, Iveta Ceple, Ineta Kanepe, Gabriela Fomina, Partner Martin Käerdi and Counsel Triin Frosch of Ellex Raidla acted as legal advisor to Eesti Gaas AS. As on June 27, 2023, The Competition Council has granted the acquisition of JSC “Gaso”.