04 Jun 20263 min read
Grant Thornton Baltic assessed the fair value of AS Ekspress Grupp in connection with the squeeze-out process initiated by its majority shareholder, HHL Rühm OÜ.
On 25 November 2025, HHL Rühm OÜ launched a voluntary takeover bid to the other shareholders of AS Ekspress Grupp at a price of EUR 1.25 per share. By the end of the offer period on 22 December 2025, participating shareholders had sold a total of 6,982,181 shares to HHL Rühm, representing approximately 22.55% of all shares. As a result of the transaction, HHL Rühm’s ownership increased to 96.12%, and the process for acquiring the remaining shares was initiated.
Rain Sarapuu, Member of the Management Board and Chief Financial Officer of Ekspress Grupp, commented:
“The fair value assessment of AS Ekspress Grupp required a thorough understanding of both the media business and the Baltic market environment. The Grant Thornton Baltic team stood out for its strong analytical capabilities, structured approach, and ability to address complex matters in a clear and practical way. During the valuation process, the team gained an in-depth understanding of our business model, market environment, and the group’s various business segments, giving us confidence that the final result accurately reflected the company’s true economic value. The collaboration was professional, efficient, and well managed throughout the entire project.”
The final compensation determined by the majority shareholder, HHL Rühm OÜ, was EUR 1.26 per share, based on the valuation performed by Grant Thornton Baltic.
The Grant Thornton Baltic team was led by Partner and Head of Advisory Services Artur Suits and Head of Financial Advisory Erik Suits. Financial Advisor Dmitry Mishchenko participated as the valuation expert.
Grant Thornton Baltic has also participated in the minority shareholder squeeze-out process of Enefit Green, where we acted as auditor and reviewed the reports and procedures related to the transaction. In addition, we advised Baltika’s majority shareholder in 2023 on the fair value assessment of its shares in connection with a takeover process.
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