HOF ehf closes a deal with Inter Ikea Group for the sale of Ikea retail business in the Baltics

In August 2024, ‘’HOF ehf’’ (Iceland) signed a share purchase agreement with ‘’INTER IKEA Group’’ and now, after receiving the necessary permits from the supervisory authorities, the deal has been closed on December 12, 2024. It includes three large-scale IKEA stores in the Baltic capitals, five smaller customer service locations, as well as e-commerce and IT business lines.

The transaction value is confidential.

IKEA will continue to operate in the Baltics as a franchise, but the franchisor will be “Inter Ikea Systems B.V.”, part of the “Inter Ikea Group”.

The manager of the IKEA store in Latvia is SIA “Paul Mason Properties”, and the developer and lessor of the store is SIA “Verus Praedium”. Both companies were previously owned by the Icelandic “HOF ehf”.

Ellex has been advising and representing SIA “Paul Mason Properties” and SIA “Verus Praedium” for many years, well before the opening of the IKEA store in Latvia in 2018.

The client, ‘‘HOF ehf’’, was advised by Ellex experts in Latvia in the sale transaction relating to Latvia: Partner and Sworn Attorney Ilga Gudrenika-Krebs, Senior Associates Anna Mišņeva and Kaspars Oļševskis, head of tax practice Eduards Dzintars, as well as Senior Associate Inese Freivalde. For the Estonian part of business, the experts were: Karin Tartu, Alla Kuznetsova, Liisbeth Eero (Lillo) and Martin Käerdi.

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