"Infortar has made an offer to the shareholders of TREV-2 Grupp," Hanschmidt told BNS. "The transaction is subject to approval by the Competition Authority and we'll be able to comment in more detail on our plans after the shareholders accept our offer."

Infortar wants to buy the stake through its company RRTK Kapital. The company would acquire 86.71 percent of TREV-2 Grupp from the Cyprus-registered Humarito Ltd in the transaction. However, completion of the transaction depends on existing shareholders' pre-emptive right.

"The Infortar Group is constantly on the lookout for new investment opportunities that would help create synergy between companies belonging to the group," Infortar wrote. "Investment decisions are based on the convergence trend in the Baltic Sea region and related infrastructure and services development possibilities."

Acquisition of a dominant influence over TREV-2 stems from Infortar's wish to expand the group's operations in infrastructure construction and civil engineering. Purchase of shares of TREV-2, a company specializing in the construction and maintenance of infrastructure, fits in well with Infortar's investment goals, the company said.

TREV-2 saw sales revenue fall 22.6 percent to €51.4 million in 2015. The company also posted a loss of €1.2 million for the year. The company last disclosed results for the first nine months of 2016, reporting sales of €41.4 million, or 100,000 euros less than one year prior.

TREV-2 Grupp's largest shareholders are investment funds East Capital Explorer with 38 percent and Baltcap Private Equity Fund with 36 percent of shares. East Capital Explorer listed the fair value of TREV-2 Grupp in its portfolio at €6.2 million.

East Capital Explorer CFO Lena Krauss told BNS that the company had no comment to offer on this topic.