Tet to acquire telecommunications company Telia

The technology and entertainment company Tet and the telecommunications company Telia Company have signed an agreement for the acquisition of shares in Telia Latvija.

The transaction amounts to 10.75 million euros, including the refinancing of the Telia Company loan. The deal, which will see Tet become the sole owner of Telia Latvija, is subject to the approval of the market supervisor, the Competition Council.

Telia Latvija, founded in 1992, has a share capital of 35.35 million euros. The company offers telecommunications, cloud, and media services solutions for business, with a service portfolio ranging from software license rental and data network services to data storage, IT security, and online video solutions.

The companies say that the addition of Telia Latvija to the Tet Group will enhance the competitiveness of the companies.

“Combining the highly qualified expertise of Tet and Telia Latvija will allow us to develop existing services and create new solutions that meet the needs of today’s business faster, thus jointly strengthening our regional leadership, which will also expand the export potential of services,” said Chairman of the Board of Tet Uldis Tatarčuks.

Chairman of the Board of Telia Latvija Mikus Ozols points out that the two companies have already cooperated on various projects and see that the knowledge, skills, and tools at the disposal of the teams allow them to complement each other, providing a broader range of options for customers.

“In the autumn we conducted a competitive bidding process for the sale of Telia Latvija, in which a number of potential customers participated. We are pleased to have reached an agreement with Tet, which with this transaction, Telia Latvija’s network, technology assets and highly qualified employees, will strengthen its position in the business segment,” says Andreas Ekstrom, CEO of Telia Company in Latvia.

He adds that Latvia is an interesting ICT market and with its shares in Tet and LMT, Telia Company will continue to contribute to the digitalization of Latvia.

Source: labsoflatvia.com