Palink was founded by Belgian brothers George, Oliver and Nicolas Ortiz.

In 2014, Palink sold all IKI stores in Latvia (51 stores) to local company Mego, stating that Palink is not interested in investing in Latvia anymore.

[7] In mid-March 2018, Rimi Lietuva submitted nominations of potential buyers to the Competition Council.

In April, the Competition Council announced that the sale of Iki to Rimi was terminated.

[8] In July 2018, the German company REWE increased its stake in Palink to 93.75% of the capital.