TGS Baltic assisted SIA Tet in acquisition of 100% of the shares of SIA Telia Latvija and obtaining permission from the Latvian Competition Council.
On 4 January 2022, the technology and entertainment company SIA “Tet” and one of the leading telecommunications companies in the Nordic and Baltic countries Telia Company signed an agreement on the purchase of shares in SIA "Telia Latvija". To conclude a transaction that envisages SIA “Tet” becoming the sole shareholder of SIA "Telia Latvija", a merger permit from the market supervisor – the Latvian Competition Council – was required.
On 12 May 2022, the Latvian Competition Council permitted the merger by SIA “Tet” acquiring control over Telia Latvia without binding commitments.
On 31 May 2022, SIA “Tet” completed the acquisition of SIA "Telia Latvija", thus becoming the owner of 100% shares of SIA "Telia Latvija"
The transaction amounted to EUR 10.75 million, including the refinancing of a Telia Company loan.
About SIA “Tet”
Technology and entertainment company SIA “Tet” creates solutions for daily public needs both at work and at home, providing a wide and reliable range of communication and entertainment services - Internet, television, self-created Latvian content, electricity, cloud services, and data centre solutions, IT security and hardware maintenance, the most essential business tools, and tools in the cloud. Tet Group also includes Citrus Solutions, Data Experts, Helio Media, Lattelecom, and Baltijas Datoru akadēmija (Baltic Computer Academy).
About SIA "Telia Latvija" and Telia Company
SIA "Telia Latvija" was established in 1992 and offers innovative, secure, and flexible telecommunications, cloud, and media services solutions for business, with the service portfolio ranging from software licence rental and data network services to high-level data storage, and IT security, and online video solutions.
One of the leading telecommunications companies in the Nordic and Baltic countries, Telia Company provides communications services to both individuals and businesses. The company was founded in 1853 and its shares are listed on the Nasdaq Stockholm and Nasdaq Helsinki stock exchanges. With more than 20,000 employees, Telia Company operates in Denmark, Estonia, Finland, Latvia, Lithuania, Norway, and Sweden.
TGS Baltic partner Andra Rubene and associates Vladlena Rudusāne-Simiča and Elīza Siliņa provided the necessary legal assistance to SIA “Tet” to enable the transaction.
For more detailed information in English please refer to: https://view.news.eu.nasdaq.com/view?id=b197ccff0575d427eb264e13ed58f3d32&lang=en
For more detailed information in Latvian please refer to:
- About signing of the transaction - https://www.tet.lv/par-tet/par-mums/jaunumi/tet-paraksta-vienosanos-ar-telia-company-par-telekomunikaciju-uznemuma-telia-latvija-iegadi
- About merger clearance - https://lemumi.kp.gov.lv/files/documents/20220512_KP_lemums_Tet_Telia_publisk%C4%81_versija%20(1).pdf
- About closing of the transaction - https://www.tet.lv/par-tet/par-mums/jaunumi/tet-paraksta-vienosanos-ar-telia-company-par-telekomunikaciju-uznemuma-telia-latvija-iegadi