Owner of BNS newswire scoops up LETA agency

The venture capital firm UP Invest OÜ, which owns the Baltic News Service (BNS) news agency group, has bought up the largest Latvian information agency LETA, representatives of UP Invest OÜ announced on Friday. The deal has to be green-lighted by the Competition Council of Latvia.

In an announcement to the media, member of the board Sven Nuutmann said that the BNS and LETA trademarks will be used as before.

The owners said that LETA will be independent of other Latvian media companies owned by UP Invest.

"Clients of LETA can be sure that the current quality standards will be upheld as they were before. It's very good that LETA has been purchased by an international investor. It will guarantee strong long-term positions for our news and media monitoring services," said Una Klapkalne, board member of the LETA news agency.

"We see UP Invest as a trusted and professional media investor with a long-term business strategy, and we're sure that progress in LETA is continuing," said boss of LETA Mārtiņš Barkāns.

The previous owners of LETA will continue doing business and investments in Latvia, including in the media sector, by publishing the economy journal Kapitāls and by organizing business management seminars and conferences with the BIG EVENT brand. 

The deal has to be green-lighted by the Competition Council of Latvia.

The sum of the deal was not disclosed.

The LETA news agency prepares news and business information for organizations and businesses. LETA was established in 1992, but its roots stretch back to 1919. In 2014, there were 158 workers in LETA. The turnover of the company was €3,087,968 in 2014, with a profit of €9,714.

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