Today, the Prime Minister of the Republic of Latvia, Evika Siliņa, and the Minister for Economics, Viktors Valainis, met with the President and Chief Executive Officer of Telia Company, Patrik Hofbauer, to discuss the current status of the project following last year’s signing of a memorandum of understanding regarding the acquisition of Telia Company’s shares in Tet and LMT.
Evika Siliņa, Prime Minister of the Republic of Latvia: “We support the initiative of Latvenergo and LVRTC to acquire shares in Tet and LMT. The planned transaction represents an investment decision for the companies in a sector that offers synergy potential and the opportunity to create a technology company of regional significance. Since the signing of the memorandum of understanding, the parties involved have been actively working to move as quickly as possible towards the completion of the transaction.”
Viktors Valainis, Minister of Economics of the Republic of Latvia: “The planned transaction will enable both LMT and Tet, as innovative and responsible players in their sectors, to grow and enter a new phase of development. When the transaction is implemented, Tet and LMT could become the leading technology company in the Baltic region, with significant potential for synergy between the energy and technology sectors. I would like to thank Telia Company for the positive and professional cooperation to date and for its constructive approach in preparing the planned transaction. The parties are fully committed to following the agreed timeline, which envisages the signing of the final sales contract in July this year and the completion of the deal and separately attracting the strategic investor in the second half of 2026.”
Patrik Hofbauer, President and CEO of Telia Company: “I am pleased to see the progress in this process and that we share a common understanding of the best way forward for Tet and LMT. The Memorandum of Understanding, that we entered into in July 2025, reflects the fair market value of Tet and LMT, where the complex shareholder structure of the two companies has so far hindered the creation of greater company value. Closing this very important transaction will mean that customers, employees, and its owners, will see great benefits where both companies can show their true potential.”
As a result of the planned transaction, Latvenergo and LVRTC, together with SIA “Publisko aktīvu pārvaldītājs Possessor” would gain full control over both telecommunications companies. In addition to the planned transaction with Telia Company, it is planned to attract an international financial investor with significant experience in the technology sector.
Currently, a working group has selected international consultants through a competitive process, to support and manage this transaction; however, as the contract has not yet been signed, detailed information is not yet publicly available.
The consultants’ work will include a thorough evaluation of the companies, attracting a strategic investor, organising the acquisition of Telia Company’s shares, and developing a growth strategy with the support of the consultant.
Ministry of Economics
Public Relations Department
E-mail: san@em.gov.lv