Telia Company completes the sale of Telia Latvia to Tet

Telia Company has completed the sale of 100 percent of the shares in Telia Latvia – a leading B2B telecom services provider – to Tet following an open auction process, as all regulatory approvals have been received.

The sales price corresponds to an enterprise value of EUR 10.75 million on a cash and debt free basis, representing a FY 2021 EV/EBITDA multiple of 10x.

Telia Company remains committed to Latvia with its 49 percent ownership in the fixed network operator Tet and 60.3 percent ownership in the mobile network operator LMT. The agreement to sell Telia Latvia to Tet was announced on January 4, 2022.

Telia Company AB is a Swedish multinational telecommunications company and mobile network operator present in Nordica and Baltic countries.

Tet is a major technology and entertainment company based in Latvia.

The client Telia Company was advised by Ellex in Latvia Senior partner Raimonds Slaidins, Associate partner Maris Brizgo and junior associate Gabriela Fomina.