The Latvian Competition Council (KP) has approved the joint acquisition of SEB bank's central office building by BOOKING GROUP and CHEMISPEC, granting them a decisive influence over Gene Investments, a player in the real estate market.

BOOKING GROUP primarily provides online car rental intermediary services, while CHEMISPEC is involved in wholesale trade of fuel, ores, metals, industrial chemical substances, as well as production of petroleum refining products and other services.

Both companies jointly acquired Gene Investments, taking over its assets, including the SEB bank building in Valdlauči, Meistaru iela 1, and Meistaru iela 11.

Considering that the merging companies operate in different markets in Latvia and do not engage in vertically related markets, the Competition Council decided to allow the merger to proceed.

To prevent a significant decrease in competition due to the merger, transactions meeting the criteria set out in the Competition Law require approval from the Competition Council to ensure state control over market concentration and avoid limiting consumer choices or forcing them to purchase goods and services at non-competitive prices.