News

On Tuesday, 15 July, the Cabinet of Ministers supported the initiative of Latvenergo and LVRTC companies to approach the Telia Company regarding the potential acquisition of its shares in Tet and LMT.

Latvenergo plans to start negotiations with the Telia Company and to carry out due diligence and other preparatory work for the assessment of the feasibility of the transaction.

The energy and technology sectors have been converging globally in recent years; therefore, we see that closer cooperation between energy and telecommunications companies will become important in the future to boost export corporate potential and growth.

The engagement of Latvenergo AS in transactions is guided by commercial principles, by assessing the synergies, as well as economic benefit, and believes that, if the negotiations are successful, they could result in a deal that would open up the opportunity to create a technology company of unprecedented scale in Latvia with significant export potential.

The attraction of an international financial investor is also expected to successfully complete the transaction.