Following a competitive auction process, Latvian fixed broadband operator Tet is acquiring 100% of Telia’s local B2B unit Telia Latvija for EUR10.75 million (US$12.1 million).
The deal is subject to regulatory clearances but is expected to close in Q2 2022. Telia’s wholly owned subsidiary Tilts is a minority shareholder in Tet, holding 49% of the unit with the Latvian government controlling the majority 51% stake. Telia also holds a controlling stake in Latvian mobile provider LMT.
Tet provides TV and broadband services to consumers and enterprises. The company’s CEO Uldis Tatarcuks noted that the acquisition of Telia Latvija would bolster this offering. Telia’s Latvian chief Andreas Ekstrom stated that the operator group would “continue contributing to the digitalisation of Latvia with our engagement in Tet and LMT.”