Riga's municipal transport company sells nearly half of bus station shares to private firm
Riga's municipal company Rīgas satiksme, via its subsidiary Rīgas acs, has sold a 49.99% stake in the Riga International Bus Station to private company Rivaro Holding for €3.82 million. The government approved the deal in June since the bus station is classified as critical infrastructure.
The Latvian government approved a deal in June under which SIA Rīgas acs, a subsidiary of the Riga municipal company Rīgas satiksme, sold its 49.99% stake in AS Rīgas starptautiskā autoosta (Riga International Bus Station) to the private company SIA Rivaro Holding, according to information obtained by the TV3 programme Nekā personīga. The sale contract was actually signed on April 14, with the shares valued at €3.82 million.
According to the programme, Rivaro Holding borrowed the funds for the purchase from Signet Bank, with owners Sergejs and Vasilijs Serdjukovs pledging their company shares as collateral for €8.8 million — an amount covering both the purchase price and additional investments they have pledged to make in the bus station. Rivaro Holding stated that the station will continue operating at its current location, with plans to invest more than €5 million in its development.
Because the bus station is considered critical infrastructure, the deal underwent a security services review before government approval. The programme also learned that the Serdjukov brothers have approached minority shareholders offering to buy out their stakes, a move that could bring their combined control to 90%. Rivaro Holding denied having plans to resell the consolidated shares later.
Concerns over the station's future
The Road Transport Directorate noted that the main risk is that the new owner might not wish to preserve the station's current functions, since it also serves state-subsidized intercity routes. The Riga City Council dismissed these concerns, stressing that any other use of the site would require changing the territorial plan. Construction of the Rail Baltica railway has long complicated the station's operations by narrowing its territory, and uncertainty also stems from a planned public transport reform that could move regional bus terminals from the Riga suburbs to mobility hubs on the city's outskirts.
The privatization of the bus station dates back to 2000, under the government of former Prime Minister Andris Šķēle, when Sergejs Serdjukovs — then owner of a café at the station — became its largest private shareholder. He currently holds 25.41% of the shares, with the rest split among several other shareholders. Following the deal, Rīgas acs will be liquidated. In 2025, the bus station reported revenue of €3.886 million and profit of €474,803, serving 1.693 million passengers together with the Jelgava bus station.
