Telia Company signs MoU to divest shares in Tet and LMT

Telia Company has entered into a memorandum of understanding (MoU) with the Republic of Latvia, Latvenergo, and LVRTC regarding the planned sale of its entire shareholding in Tet, a fixed network operator, and LMT, a leading mobile network operator in Latvia. The parties are working towards signing a final agreement by the end of 2025, with the transaction expected to close in the first half of 2026.

Telia’s decision to move forward with the divestment reflects a fair market valuation for Tet and LMT. The current complex ownership structure has hindered optimal value creation, and this MoU marks a significant step forward. Under new ownership, Tet and LMT will be better positioned to grow and innovate—benefiting customers, employees, and the broader market.

Telia currently holds 49% of the shares in Tet and 60.3% in LMT.

Ellex experts Maris Brizgo, Raimonds Slaidins and Elina Kruze advised Telia on signing the memorandum in Latvia.