Varul — the Estonian office of Tark Grunte Sutkiene — has advised IT company AK Systems on the sale of its IT services business to the largest IT and telecom company in Estonia, Telia Estonia. Raidla Ellex advised the buyers on the deal, which will enter into force after the Competition Authority has approved it.
AK Systems was founded in 1997. The company provides IT services for more than 100 companies and organizations in Estonia and eight foreign countries in cooperation with local partners. Telia Estonia’s IT services are used by more than 600 companies and government organizations in Estonia, including large banks, several government ministries, and many small-sized companies.
According to Varul, Lauri Mihkelson, a member of the board at AK Systems, "noted that consolidation on the market is a natural process because the IT infrastructure market is becoming more service oriented and it is important to invest in the development of services and increase business revenue."
The Varul team was led by Associate Partner Sander Karson.
The Raidla Ellex team was led by Partner Sven Papp and Senior Associate Gerda Liik.