BITE Latvija concludes a contract for purchase of shares in capital of the company SIA Baltcom

Mobile communications operator BITE Latvija has signed the purchase contract for purchase of 100% of shares in capital of the communications company Baltcom. It is planned that both companies will hereinafter operate in the group of companies BITE, informed BITE Latvija Manager Kaspars Buls.

BITE Latvija Manager Kaspars Buls evaluated the transaction as a step closer to the company’s long-term development strategy – to strengthen positions of the group of companies BITE in the information and communications technology (ICT) market, offering the customers even bigger portfolio of services.

“I am satisfied with the reached agreement, which are a strategically important step in strengthening the competitiveness of the BITE Group. The beneficiaries of the transaction will be our customers, since we will be able to offer not just mobile communication services and ICT solutions to business customers, but also home internet and varied TV channel selection to individuals. There is a clear trend in today’s telecommunications market to choose integrated services. Therefore, I predict that the in the nearest future the customers will increasingly use the possibility to receive a varied selection of services from one service provider”, says Buls.

The seller’s leading financial consultant for the transaction was Superia Corporate Finance. Legal advice to the seller for the transaction was provided by law firm Sorainen, while the buyer was advised by the law firm FORT.

Conclusion of the transaction requires permission of the Competition Council. Before the merger clearance both Bite and Baltcom are still independent market participants. The transaction amount is confidential.