Baltic tour operator Novaturas announces the signing of an agreement under which the company is implementing the first stage of a transaction with a strategic investor: 23.2% of the company’s shares is being acquired by Neset Kockar, a well-known Turkish tourism businessman and investor, who owns businesses in international aviation, real estate, tourism and other industries. The second and final stage of the planned transaction is expected to be completed by autumn.
“The arrival of Mr Kockar as a strategic investor marks a new stage in the operations of Novaturas. We are confident that his world-class tourism and other business networks and many years of experience will provide new opportunities for growth, strengthen our competitive advantage, and benefit our customers, employees, partners and shareholders.
Our immediate plans include reviewing the strategy and development prospects of the company. In the short term, we will also seek to make use of synergies with the investor’s businesses in destinations popular with travellers from the Baltic States. We hope to expand our range of hotels and travel offers in the near future, tailor them even more to the needs of different travellers, thus definitely improving customer experience,” says Kristijonas Kaikaris, CEO of Novaturas.
“The investment in Novaturas is strategic and long-term. I believe in the prospects of the Baltic tourism market and see great potential for strengthening the position of this local brand, which is highly valued by travellers, by taking advantage of our experience and operations in Turkey, Greece, Spain, Egypt and other destinations popular with travellers from the Baltic States. At the same time, we see that the travel organisation experience gained by Novaturas over almost three decades of operation can be mutually beneficial,” comments Mr Kockar.
The Novaturas brand, which is well known and highly trusted by travellers in the Baltic States, is planned to be further developed separately, as it has been until now.
It should be noted that in early March, Novaturas announced the signing of a binding agreement for the conclusion of the main contract, under which Mr Kockar intended to acquire up to 33.2% of the company’s shares in two stages from four current shareholders of Novaturas Group – Ugnius Radvila, Rytis Šūmakaris, Vidas Paliūnas and UAB Willgrow.
Following the usual due diligence on the company, the first stage of the transaction was initiated on 30 April with the signing of the share purchase agreements. The investor acquires 1 811 258 shares (23.2%) of Novaturas Group from three natural persons mentioned above for a total price of EUR 1,159 mln, paying EUR 0,64 per share.
The company informs that the sale price of the share was determined in the agreement taking into account the significant added value and additional benefits that the investor will bring to the company: the investor will share with the company its long-standing experience, knowledge and expertise in the successful development of international tourism businesses, and will help to make use of the synergies with his owned hotel, aviation and other businesses. This means that Novaturas will be able to provide travellers from the Baltic States with innovative, competitive and high value-added travel offers.
In addition, the investor plans to strengthen the financial capacity of the company, which is important for tourism businesses experiencing certain fluctuations in revenue due to seasonality and a dynamic market. As Novaturas announced at the end of March, Mr Kockar has granted a loan of EUR 1 mln. to the company.
The second stage of the transaction, in which Mr Kockar will acquire an additional 9.99% of shares from UAB Willgrow, is expected to be completed by autumn, once all the necessary procedures for the completion of the transaction have been carried out. Upon completion of this stage, Mr Kockar will hold 33.19% of the company’s shares. Novaturas will announce further steps in separate announcements on the stock exchange in accordance with the procedure established by laws.
Novaturas is being advised on this transaction by Superia, a financial advisory firm, with which the company conducted an analysis of strategic alternatives.
About the company
The Novaturas Group is a tour operator offering the widest range of travel destinations from the Baltic States. It has been operating in the region for 25 years. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to unaudited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia.
For more information:
Darius Undzėnas
CFO
+370 678 05749
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