“We have become a major shareholder of ISM. We have agreed not to disclose any more information,” Justas Kučinskas, a member of Arvi board, said at a news conference on Tuesday.
Media reports earlier said that Arvi could acquire about 60 percent of ISM’s shares.
Arvi took the university’s control over from its founders, BI Norwegian Business School and Norway’s business development fund, Innovation Norway. BI Norwegian Business School will remain a minority shareholder and will continue to be represented in the university’s board.
“Our relations with Arvi have been very successful. The commitments of this group of companies are really big and meet our expectations,” Jens P.Tondel, vice-president of BI Norwegian Business School and ISM board chairman, said at the news conference.
Established back in 1999, the ISM University of Management and Economics is the first non-public university in Lithuania.
The Lithuanian-owned Arvi group operates in the areas of fertilizer, feed and sugar production, meat processing, animal waste utilization, and cargo forwarding.
It has 22 companies in Lithuania, Latvia, Russia, Romania, Ukraine, and Croatia.