Tet bought out Telia Latvija from Swedes

The technology company SIA Tet will acquire a share in the capital of SIA Telia Latvija from the Swedish Telia Company, which is a co-owner of Tet, the company said.

Today Tet and Telia Company signed an agreement to acquire the shares of Telia Latvija. To conclude the transaction, as a result of which Tet will become the sole owner of Telia Latvija, the approval of the Competition Council is still required. The transaction amount is EUR 10.75 mln, including refinancing of the Telia Company loan.

According to Tet, the merger of Telia Latvija into the Tet group of companies will contribute to the competitiveness of enterprises in the context of global competition.

The combination of highly qualified experts from Tet and Telia Latvija will enable the development of existing services and faster creation of new solutions that meet business needs, thus strengthening regional leadership and export potential. Stable and reliable data transfer solutions, cloud technologies and data center services in demand in Latvia and in export markets, rapidly growing demand for IT security, as well as increasingly relevant streaming solutions – the knowledge and experience of both companies will help to develop the latest tools even faster and more efficiently for business both now and in the future“, – says the chairman of the board of Tet Uldis Tatarchuk.

Telia Latvija was founded in 1992, the share capital of the company is 35.35 million euros. The company offers innovative telecommunication and media solutions for business. The service portfolio includes software license rentals and networking solutions as well as high-end storage, IT security and video streaming solutions.

Source: GOROD.LV – новости Даугавпилса by gorod.lv.

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