Latvian technology company SIA Tet has acquired SIA Telia Latvija, becoming its 100% shareholder. The Competition Council has given its approval for the acquisition of Telia Latvija from the Nordic and Baltic telecommunications company Telia Company.

Merger of Telia Latvija with Tet Group will contribute to the competitiveness of companies, develop existing ones and create new state-of-the-art solutions. “Tet and Telia Latvija employ highly qualified experts, whose combined knowledge and solutions will enable us to strengthen our regional leadership and expand the export potential of our services. We will work together to develop stable and reliable data transmission solutions, cloud and data centre services, IT security and video streaming solutions to develop the next generation tools for business needs in Latvia today and tomorrow,” says Uldis Tatarčuks, Chairman of the Board of Tet.

Mikus Ozols, Chairman of the Board of Telia Latvija: “We are delighted to join forces with an industry leader to become stronger, more powerful and with an expanded offer for our customers. Our previous experience has already shown that the knowledge, skills and tools of both teams complement each other, providing more opportunities for our customers.”

Andreas Ekström, Head of Telia Company in Latvia, says: “We are pleased that we have now completed the sale of Telia Latvija to Tet. With this acquisition, Tet strengthens its position within the enterprise segment given Telia Latvija’s network, technology assets and highly skilled employees. Latvia is an interesting ICT market and Telia remains committed to continue contributing to the digitalization of Latvia through our engagement in Tet and LMT.”

In the acquisition deal, Tet was supported by the M&A advisory firm Oaklins, in-depth financial, tax and legal due diligence was performed by the consulting and audit firm Deloitte Latvia and legal advice was provided by the commercial law firm TGS Baltic.

Telia Latvija was founded in 1992 and the share capital of the Company is EUR 35.35 million. The Company offers innovative, secure and flexible telecommunications, cloud and media services solutions for business, with a service portfolio ranging from software licence rental and data networking services to high-end storage, IT security and online video solutions. Telia Latvija team is made up of almost 50 highly qualified specialists and its services are valued by companies in Latvia as well as in the Central and Eastern European region. The Company and its employees have received extensive industry recognition, having been awarded Microsoft Silver Partner, VMWare Partner, RedHat Partner, Cisco, PaloAlto and other industry certifications.

Technology company Tet designs solutions for the everyday needs of the public at work and at home, providing a wide and reliable range of communication and entertainment services – internet, television, Latvian content, electricity, cloud and data centre solutions, IT security and hardware maintenance, key business tools and instruments in the cloud. Tet works tirelessly, creating, experimenting and improving to keep pace with and even outpace technological developments in partnership with our customers. Tet Group also includes subsidiaries Citrus Solutions, Data Experts, Helio Media, Lattelecom and Baltic Computer Academy.

Telia Company, one of the leading telecommunications companies in the Nordic countries and the Baltics, provides communications services to both private and business customers. The Company was founded in 1853 and is listed on Nasdaq Stockholm and Nasdaq Helsinki. With more than 20,000 employees, Telia Company operates in Denmark, Estonia, Finland, Latvia, Lithuania, Norway and Sweden.