The Lithuanian Competition Council received on Thursday Itaka Holdings' request for permission to take over 100 percent of shares in Novaturas. The Polish company will also take over Novaturas' subsidiaries in Latvia and Estonia, both named Novatours, as well as Romania-registered Novatours Holidays and Lithuania's Aviaturas ir Partneriai.
Under the deal that was announced in late June, Enterprise Investors, a leading Central and Eastern European private equity firm, is selling a 70.72 percent stake in Novaturas that it owns via Luxembourg-based Central European Tour Operator and minority shareholders -- Vidas Paliunas, Ugnius Radvila and Rytis Sumakaris -- are each selling 9.76 percent of shares.
Enterprise Investors purchased the stake in Novaturas for 40 million euros a decade ago.
