The Latvian state is to take control of Tet and LMT.
Telia Company has signed a memorandum of understanding (MoU) with the Republic of Latvia, Latvenergo and LVRTC to sell all of its shares in fixed network operator Tet and mobile network operator LMT.
“We are pleased to have reached a common view on the best way forward for these great Latvian companies. We have agreed to proceed towards the intended transaction, where our offer to divest our shares reflects a fair market value of Tet and LMT,” said Patrik Hofbauer, Telia Company President and CEO. “The complex holding structure of Tet and LMT has slowed value creation. This MoU is therefore a milestone for us and for Tet and LMT, who will now have the possibility to develop further under a new ownership model, in turn benefitting their customers and all stakeholders.”
Earlier this week, Minister of Economics Viktors Valainis indicated that Latvenergo, together with LVRTC, will be involved in the management of the companies.
The parties aim to sign a final agreement by the end of 2025, and are targeting a closing of the transaction in H1 2026.
Telia’s proportionate ownership in the two companies is 49% of the shares in Tet and 60.3% of the shares in LMT.
