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“With the spread of the coronavirus, the film business around the world is going through a difficult period and the consolidation of companies is inevitable. “Forum Cinemas is a very well run company in the Baltic countries and we are very satisfied with the deal,” S. Nuutmann is quoted as saying. The investment company also operates the Apollo theater network. In Lithuania, Apollo Cinema operates in Panevėžys.
Luke April / 15min photo / Sven Nuutmann
Both parties promise to complete the transaction before the end of the year or early next year at the latest. The transaction will come into effect after it has been approved by the Competition Authority in Lithuania, Latvia and Estonia.
Forum Cinemas is the largest film operator in the Baltic countries. In Estonia, it operates cinemas in Tallinn, Tartu and Viliandi. The group owns one cinema in Latvia and five in Lithuania.
Forum Cinemas is currently owned by the Finnish financial company Finnkino Group, which is part of the Odeon Group. Investment firm UP Invest specializes in investments in the fields of pharmacy, media, real estate, and commerce. UP Invest is owned by MM Grupp Holding, which is owned by Margus Linnamae and Ivaras Vendelin.
UP Invest also owns media channels in Lithuania 15 minutes and the BNS news agency.
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