AS Ekspress Grupp and Vivarone OÜ restructured assets in the joint venture Eesti Päevalehe AS 11.03
AS Ekspress Grupp and Vivarone OÜ have agreed on restructuring their present partnership in Eesti Päevalehe AS. According to the agreement, Vivarone OÜ will become owner of the real-estate previously owned by Eesti Päevalehe AS and Ekspress Grupp will become a solo owner of Eesti Päevalehe AS.
To conclude the restructuring, Vivarone OÜ bought the property at Narva mnt 13 from Eesti Päevalehe AS and sold its shares in Eesti Päevalehe AS to Ekspress Grupp. Parties then exchanged mutual claims. No cash was involved in the transaction. Eesti Päevalehe AS will continue renting the premises from Vivarone OÜ. Ekspress Grupp sees the restructuring as an opportunity to integrate all the group's content production units and all the servicing units. In addition to savings, 100% ownership in Eesti Päevalehe AS will allow Ekspress Grupp better use his expertise to improve competitiveness of Eesti Päevaleht as a daily paper.
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