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.