Translated using ChatGPT service.
On Tuesday, July 15, the Cabinet of Ministers took note of and raised no objections to the initiative by the state-owned joint-stock companies Latvenergo and the Latvian State Radio and Television Centre (LVRTC) to approach Telia Company regarding the potential acquisition of its shares in SIA Tet and LMT.
“This is a story with a long history that is now gaining new momentum. Our goal is to make these companies export-capable under conditions that are favorable for the state. Tet and LMT have performed very well, but their historical structure has prevented the full exploitation of potential synergies between the sectors,” said Minister of Economics Viktors Valainis.
Recognizing development opportunities, Latvenergo and LVRTC addressed their respective shareholders, expressing interest in participating in a potential transaction for the acquisition of Telia Company's shares in Tet and LMT. In line with their business strategies, both Latvenergo and LVRTC see significant potential in such involvement, recognizing the promising prospects of inter-sectoral synergy.
The parties involved will carry out a detailed due diligence process and other preparatory steps in order to reach an agreement on the possible transaction. As the process moves forward, the public will be provided with more detailed information regarding the potential deal.