The Latvian Competition Council has initiated an investigation into the proposed acquisition of Gene Investments SIA by Booking Group and Chemispec. Booking Group is primarily engaged in online car rental brokerage services across Europe, the US, Australia, Canada, New Zealand, Mexico, and the UK. On the other hand, Chemispec conducts wholesale intermediary activities for fuel, ores, metals, industrial chemical substances, as well as other professional, scientific, and technical services.

Gene Investments SIA, the target of the acquisition, operates in real estate brokerage, building maintenance and operation, and the buying and selling of real estate in Latvia. The activities of the merging parties span various markets in Latvia without overlap, potentially affecting competition in the relevant markets.

The Competition Council must make a decision on approving, prohibiting, or approving with binding conditions the merger within one month of receiving the notification. However, if further in-depth investigation is required, the decision deadline can be extended up to three months from the notification date. Interested parties or stakeholders wishing to provide input on the merger's impact on competition have until July 29, 2024, to contact the Council's economist Vilni Zakrevski or fill out a provided questionnaire.