Livonia Partners sells a majority stake in Santa Monica Networks to LMT
Livonia Partners and minority shareholders in Santa Monica Networks (networking and IT security solutions provider in Latvia and Lithuania) have signed an agreement to sell their shares in Santa Monica Networks to Latvijas Mobilais Telefons Ltd. (LMT).
LMT will become a 100% owner of Santa Monica Networks. Completion of the transaction is subject to approvals from the market regulators in Latvia and Lithuania.
In Latvia Livonia Partners and minority shareholders were advised by Managing partner of Ellex Latvia in Liga Merwin, Foreign counsel Zinta Jansons, Associate partner Sarmis Spilbergs and in Lithuania by Partner Dr. Robertas Čiočys and Expert Ilona Jaunčiauskaitė.
The transaction will allow both companies to introduce fifth generation network solutions more quickly and efficiently. By combining LMT’s experience in mobile communication solutions with the capacity of an experienced developer of data transmission networks and IT security solutions, it will become a leader in digital transformation.
Livonia Partners is a pan-Baltic private equity investment firm that is currently managing 83 million euros.
IT business group Santa Monica Networks offers solutions to Latvia’s and Lithuania’s largest telecommunications and IT companies, media companies, public sector and financial institutions, as well as manufacturing companies.
LMT is the largest mobile operator in Latvia with the widest customer service network in terms of the number of customer connections, turnover, and network coverage.