Apollo is involved in the entertainment sphere and operates cinemas, bookstores, the KFC franchise in Estonia and other pursuits; Linnamäe-owned companies are also involved in pharmaceutical wholesaling and in the media.

The recent development follows businessman Ivar Vendelin's choice to divest himself of his stakes in Apollo and MM Grupp.

Both companies said while Vendelin will remain actively involved in operations, he wishes to expand his business interests into the real estate sector.

Vendelin himself said that Apollo has made significant strides in development, including its growth into the "largest entertainment group in the Baltics, employing over 5,000 people and encompassing beloved restaurant chains, cinemas, bookstores, and many other ventures," since Linnamäe's MM Grupp, then known as UP Invest, acquired a 50-percent stake in Apollo in 2015.

At that time the company employed just under 200 people across 14 locations, Vendelin noted.

Following the transaction, Apollo Group will be wholly owned by MM Grupp, with Margus Linnamäe, a businessman who is seemingly both prominent and reclusive all at the same time, holding a 98 percent stake.

Top tax lawyer Aare Kurist will hold the remaining 2 percent ownership, the companies have announced.

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