VILNIUS - Norway's Reitan Convenience, the owner of the Narvesen and Lietuvos Spauda chains of convenience stores-news agents in Lithuania, has obtained regulatory approval to buy Caffeine, a cafe chain operating in all three Baltic countries.
Lithuania's Competition Council on Friday gave the green light for Reitan Convenience to acquire 100 percent of shares in Keturi Kambariai, the chain's owner.
The private and venture capital fund manager BaltCap announced the sale of Caffeine last October. The value of the deal is not being disclosed.
BaltCap's Lithuania SME Fund holds a 70.5 percent stake in Caffeine, with the remaining 29.5 percent owned by the company's management team.
Reitan Convenience has 2,250 stores and 37,000 employees in seven countries. The group posted over 9 billion euros in revenue for 2017.
Founded in 2007 by four Lithuanian business people, the Caffeine chain currently has more than 60 cafés in Lithuania, Latvia and Estonia.