Latvian technology company SIA Tet has acquired SIA Telia Latvija, becoming its 100% shareholder. The Competition Council has given its approval for the acquisition of Telia Latvija from the Nordic and Baltic telecommunications company Telia Company.
Merger of Telia Latvija with Tet Group will contribute to the competitiveness of companies, develop existing ones and create new state-of-the-art solutions. "Tet and Telia Latvija employ highly qualified experts, whose combined knowledge and solutions will enable us to strengthen our regional leadership and expand the export potential of our services. We will work together to develop stable and reliable data transmission solutions, cloud and data centre services, IT security and video streaming solutions to develop the next generation tools for business needs in Latvia today and tomorrow," says Uldis Tatarčuks, Chairman of the Board of Tet.
Mikus Ozols, Chairman of the Board of Telia Latvija: "We are delighted to join forces with an industry leader to become stronger, more powerful and with an expanded offer for our customers. Our previous experience has already shown that the knowledge, skills and tools of both teams complement each other, providing more opportunities for our customers."
Andreas Ekström, Head of Telia Company in Latvia, says: “We are pleased that we have now completed the sale of Telia Latvija to Tet. With this acquisition, Tet strengthens its position within the enterprise segment given Telia Latvija’s network, technology assets and highly skilled employees. Latvia is an interesting ICT market and Telia remains committed to continue contributing to the digitalization of Latvia through our engagement in Tet and LMT.”
In the acquisition deal, Tet was supported by the M&A advisory firm Oaklins, in-depth financial, tax and legal due diligence was performed by the consulting and audit firm Deloitte Latvia and legal advice was provided by the commercial law firm TGS Baltic.