Telia Company completed the sale of 100 percent of the shares in Telia Latvija SIA to Tet SIA at a price corresponding to an enterprise value of EUR 10.75 million on a cash and debt free basis, as all regulatory approvals have been received. The price represents a FY 2021 EV/EBITDA multiple of 10x. The agreement to sell Telia Latvia to Tet was announced on January 4, 2022.

Andreas Ekström, Telia Company Head of Latvia, said: “We are pleased that we have now completed the sale of Telia Latvia to Tet. With this acquisition, Tet strengthens its position within the enterprise segment given Telia Latvia’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.”

Telia Company remains committed to Latvia with its 49 percent ownership in the fixed network operator Tet and 60.3 percent ownership in the mobile network operator LMT.