The Latvian and Lithuanian Competition Councils have approved the acquisition of the Baltic data transmission network and IT solution group Santa Monica Networks (SMN) by Latvia’s LMT.
As a result, SMN, which was previously backed by the private Baltic equity fund Livonia Partners, is now 100% owned by LMT.
LMT and SNM will continue to work as separate entities, joining forces to develop joint innovation projects.
Broadband TV News notes that the transaction, which was for an undisclosed fee and first announced last June, will allow both companies to introduced 5G network solutions faster and in a more efficient manner.
LMT is the leading mobile operator in Latvia and also has a presence in the country’s TV industry, while SMN, founded in Finland in 1989, has offered solutions to the largest telcos, IT and media companies in Latvia, as well as public bodies, financial institutions and manufacturers in Latvia and Lithuania since 2003.