Apollo Group buys Lido restaurant chain

Illustrative photo. Photo: Andras Kralla

The Estonian entertainment company Apollo Group buys 51% of the shares of the well-known Latvian restaurant chain Lido, writes rus.err.ee.

Apollo buys Lido’s stake from Mirrow Institute OÜ, owned by Ivar Vendelin. The price of the transaction, which requires the approval of both the Estonian and Latvian competition departments, was not disclosed by the parties.

Wendelin, who is also a shareholder of the Apollo Group, described the acquisition as strategic and noted the logic of Lido’s merger with Apollo’s existing businesses.

The founder of the company, Gunars Kirsons, will retain 49% of Lido’s shares.

Source: https://www.dv.ee/ by www.dv.ee.

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