Poland's MCI wants to take control of Baltic e-retailer Pigu

VILNIUS - Poland's private equity investment company MCI Management wants to take control of the Baltic e-retailer Pigu.

A MCI Management fund last week applied to the Lithuanian Competition Council to acquire sole control of Pigu and Poland's electronic appliance wholesaler Morele.net. 

It is said that MCI will buy Pigu jointly with other shareholders of Pigu and Morele. Following the signing of a shareholder agreement, the scope of the ownership rights of all of them will change, thus giving MCI sole control of the companies. 

Pigu Marketing Director Giedre Vilke told BNS that she could not comment on the deal at the moment, but said that MCI would not become the sole owner of Pigu. She promised to give more information after the deal is finalized. 

MCI.PrivateVentures currently owns 51 percent of shares in Pigu. The fund bought the stake for an undisclosed amount of money in July 2015. 

The Lithuanian business daily Verslo Zinios reported in late July 2017 that MCI was considering exit options from Pigu, including via an initial public offering. 

The Pigu Group, which comprises Pigu, the owner of online ships in the Baltic countries, and Latvia's Pigu Latvia and Estonia's DLB Trading, posted 551,000 euros in consolidated net profits and 72.1 million euros in consolidated revenue for the financial year 2016-2017.