Operator group Telia struck a deal with Latvian fixed provider Tet to sell its enterprise focused unit in the country for €10.75 million, following an auction of the business.
The B2B company, called Telia Latvia, was sold through what its parent company described as a “competitive auction process” launched in Q3 2021. The transaction is expected to close in Q2 2022 subject to regulatory approval.
Winning bidder Tet provides fixed and TV services to consumers and enterprises in Latvia. Its majority shareholder is the Latvian state which holds a 51 per cent stake. Telia subsidiary Tilts Communications is the only other shareholder.
Alongside its interest in Tet, Telia owns a controlling share in Latvian mobile operator LMT.
In a statement, Tet CEO Uldis Tatarcuks said the new asset would complement its existing business, referencing links to its existing data centre and transmission business.
Telia head of Latvia Andreas Ekstrom added the group remained “committed to continue contributing to the digitalisation of Latvia with our engagement in Tet and LMT.”Subscribe to our daily newsletter Back