Latvia’s Mapon acquires Lithuania’s Trackon Fleet Management
Latvian fleet management company Mapon, in order to strengthen its position in Lithuania, has acquired 100% of the shares of Trackon Fleet Management, a company demerged from Lithuanian competitor Trackon. According to the Latvian company’s announcement, Mapon has significantly expanded its client portfolio and has become one of the sector leaders in the Baltics with this merger.
Trackon Fleet Management was formed on May 14th upon completion of demerger procedures during which fleet management and GPS tracking solutions for corporate fleets business was demerged from Trackon. Demerger was part of the transaction process.
Mapon offers fleet management and GPS tracking solutions for corporate fleets to help them efficiently manage their assets and fuel use, as well as improve road safety and corporate sustainability performance.
The Latvian company forecasts that the deal will bring its total turnover in the Lithuanian market to almost EUR 1 million and the number of vehicles under its care to over 40,000.
In the transaction, Ellex assisted Mapon in structuring all the legal processes for the acquisition of the company, drafting the related documents and conducting the negotiations. Partner Ramūnas Petravičius and Senior associate Arvydas Grušeckas contributed to the project.
