25 Nov 2016
Lithuanian mobile service provider Omnitel and fixed line operator TEO LT plan to adopt the common Telia Lietuva name, following the merger of the two companies. The proposed name change is one of the draft decisions on the agenda at TEO’s extraordinary general meeting (EGM) of shareholders, which will be held on 15 December 2016.
At the start of this year, TEO LT completed the acquisition of Telia Company’s 100% stake in Omnitel for EUR220 million (USD232 million). As a result of the transaction, Telia continued to own 88.15% of shares in TEO, but also indirectly held 88.15% of Omnitel. Last month the Supervisory Authority of the Bank of Lithuania approved the merger of Omnitel into TEO LT, in a move aimed at combining Telia Company’s Lithuanian subsidiaries. The merger is also set for shareholder approval at December’s EGM.