Telia Company has signed a memorandum of understanding (MoU) with the Republic of Latvia, Latvenergo, and LVRTC to divest its entire ownership in Latvian telecom firms Tet and LMT.
The agreement outlines a clear path toward a full exit, with the final deal expected to be signed by the end of 2025 and the transaction closing targeted for the first half of 2026.
Telia currently holds a 49 percent stake in fixed network operator Tet and a 60.3 percent stake in mobile network operator LMT. The MoU marks a strategic shift for Telia, allowing the company to simplify its portfolio while enabling the Latvian operators to move forward under a more streamlined local ownership structure.
Patrik Hofbauer, President and CEO of Telia Company, said: “We have reached a common view on the best way forward for these great Latvian companies. We have agreed to proceed towards the intended transaction, where our offer to divest our shares reflects a fair market value of Tet and LMT. The complex holding structure of Tet and LMT has slowed value creation.”
