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Latvijas Valsts radio un televīzijas centrs

LLC TET and LLC LMT Share Acquisition Process

Latvenergo, LVRTC and Telia Company announce signing of memorandum of understanding

(Media briefing in Latvian)

July 18, 2025

Memorandum of Understanding Signed

LVRTC, Latvenergo, and Telia Company have signed a Memorandum of Understanding regarding the sale of their shares in the fixed network operator “Tet” and the mobile network operator “Latvijas Mobilais Telefons” (LMT).

“We are pleased to have reached a shared view on the best way forward for these two outstanding Latvian companies. We have agreed to proceed with the proposed transaction, in which our offer to sell our shares reflects the true market value of Tet and LMT. The complex ownership structure of Tet and LMT has slowed down value creation. This Memorandum of Understanding marks a turning point for us as well as for Tet and LMT, who will now have the opportunity to grow under a new ownership model that will benefit their customers and all stakeholders,” said Telia President and CEO, Patrik Hofbauer, in a statement.

July 17, 2025

The government supports the initiative of LVRTC and Latvenergo to begin negotiations with Telia Company regarding the purchase of its shares in Tet and LMT

The Cabinet of Ministers took note of and did not object to the initiative of the “Latvenergo” and the Latvian State Radio and Television Center (LVRTC) to approach “Telia Company” about the possible acquisition of its shares in “Tet” and LMT.

July 15, 2025

LVRTC expresses readiness to invest in the development of Latvia's information and communication technology sector

Year 2024

News

memorands_preses_konference

Latvenergo and LVRTC Sign Memorandum of Understanding with Telia Company on Acquisition of Its Shares in Tet and LMT

Memorandum of Understanding Signed

Sēde

The Government takes note of and does not object to the initiative of LVRTC and Latvenergo to approach Telia Company about the acquisition of its shares in Tet and LMT

Frequently Asked Questions

  • In the autumn of 2024, LVRTC expressed readiness in investing in the development of the information and communication technology (ICT) sector. It is evident that modern technologies demand ongoing infrastructure advancement, as well as the ability to embed innovation as a core principle. Without this, the meaningful adoption of artificial intelligence, the development of secure and future-proof communication and data transmission solutions, and the associated innovations are not achievable. Tetand LMT are companies of national strategic importance. Their infrastructure and expertise represent significant potential that should be harnessed to support national development, enhance organizational efficiency, and improve the quality of life for citizens. The opportunity to expand LVRTC assets in the ICT sector as a way to grow, ensuring revenue that can continue to be reinvested in national development. The potential transaction would also increase the value of LVRTC existing shareholding in LMT.
  • We see that by potentially acquiring shares in these companies, LVRTC as a 100% state-owned and non-privatizable capital company would strengthen the country’s technological development and reinforce Latvia’s ICT infrastructure. This represents an opportunity to enhance our competitiveness while expanding development and export potential in line with national interests.
  • - JSC Latvenergo
    - SJSC Latvia State Radio and Television Center
    - LLC “Publisko aktīvu pārvaldītājs Possessor”
    - A financial investor with significant experience in the technology sector is expected to be engaged. An international advisor will be appointed to support the investor selection process.
  • Latvenergo and Latvia State Radio and Television Center are engaging in transactions on commercial principles, assessing both synergies and economic benefits. As a result of the possible transaction, Latvenergo and LVRTC, together with LLC "Publisko aktīvu pārvaldītājs Possessor" and an international financial investor, would acquire full control of both telecommunications companies. In case of successful negotiations and due diligence, the transaction could be implemented in the first half of 2026.

Information updated on 18.07.2025.