Merger to create largest investment firm

  • 2004-07-28
  • Baltic News Service
TALLINN - Estonia's AS Lohmus Haavel & Viisemann announced on July 22 it would acquire a holding in the Lithuanian investment firm Hermis Finansai, a merger that will result in the Baltics' biggest investment bank with offices in Tallinn, Riga and Vilnius.

LHV Board Chairman Rain Tamme said an agreement had been reached with the partners of Hermis Finansai concerning exchange of shares, as a result of which Hermis' partners will become partners in LHV.
"Although LHV offers a wide range of investment banking services, this year in Lithuania the focus will be above all on consultancy to companies in case of mergers, takeovers and investments," he added.
In essence LHV will become owner of 100 percent of shares in Hermis Finansai.
"The merger with LHV opens many new opportunities for our clients both in Latvia and Estonia," Hermis Finansai managing director Sarunas Skyrius said. "In addition, we can start providing new financial services that have not been provided in Lithuania so far but have been successful in Estonia and Latvia."
Since 1998 Hermis Finansai's has acted as consultant on more than 40 deals involving capital investment, as well as the mergers, acquisitions and spin-offs of companies to the total tune of more than 1 billion litas (290 million litas).
At present Sarunas Skyrius and Karolis Pocius are Hermis Finansai partners.
LHV, established in 1999, has been consultant in more than 50 deals for a total of more than 5 billion kroons (320 million euros).