Latvian fixed broadband provider Tet has signed an agreement to acquire 100% of B2B telco Telia Latvija for EUR10.75 million (USD12.1 million). The deal is subject to regulatory approvals and is expected to close in Q2 2022. Sweden’s Telia Company is the current owner of Telia Latvija and a minority stakeholder in Tet, with its wholly-owned unit Tilts Communications holding a 49% stake in Tet. Andreas Ekstroms, head of Telia Company in Latvia, was quoted as saying that the group held a ‘competitive bidding process’ for the sale of Telia Latvija.
In a separate deal, meanwhile, Telia Company completed the sale of a minority stake in its Norwegian and Finnish tower business in late December 2021. Brookfield – through its core-infrastructure fund – and Alecta acquired a 49% stake in the business at a price corresponding to an enterprise value (for 100% of the shares) of EUR1.52 billion. Total cash proceeds paid to Telia for the equity stake equated to EUR767 million.