Finnish operator Itella has bought the Estonian arm of SmartPost, the company that created a parcel network in the eastern European country.
SmartPOST has said the deal will allow them to expand in foreign markets, concentrating on the development of parcel terminal software and hardware whole solutions.
The parcel terminal network created in Estonia over the past two years will be owned by Itella, who will also become the holder of the SmartPOST brand in Estonia and the new employer of six company employees.
The company providing the service will be called OÜ Itella SmartPOST.
The transaction will in no way affect SmartPOST OÜ’s structure of stakeholders, based solely on Estonian capital.
Member of the supervisory board at SmartPOST, Peep Kuld, said: “Giving up the role of logistics service provider and concentrating on export is a planned step. The main goal for creating a parcel terminal network in Estonia was to support our plans of export and this has been achieved by today. The network has successfully been launched and that is also our main argument when proving that this is a viable business idea. After selling the Estonian network, we can showcase it to potential technology buyers.”
Kuld added that the management will also continue export activities. Earlier this year, SmartPOST agreed to provide Russia’s largest privately funded postal company with at least 100 parcel terminals. Negotiations are underway with several other European countries.
“Itella has a strong presence in the Estonian market and the consumer parcel business completes the offering. The SmartPOST acquisition will supplement Itella’s service range in Estonia, where Itella already has a strong position through Itella Logistics OÜ and Itella Information AS. Itella companies in Estonia will have about 170 employees after this transaction,” added Kuld.
The size of the deal will not be revealed.
Source: SmartPOST/Itella
