LMT and Tet urged to buy back Telia Company shares

The Latvian government has called on telecommunications companies LMT and Tet to evaluate the possibility of buying back the shares currently owned by the Swedish firm Telia Company. This decision marks a shift from previous plans that involved state entities like Latvenergo and LVRTC as potential buyers.

LMT has expressed its readiness to prepare proposals for the buyout, stating that the transaction could be financed through its own funds, bank financing, and by attracting strategic investors interested in defense, satellite, and export projects. The company noted its growing revenue and expansion into satellite and space technologies as key factors in its ability to structure such a deal.

LMT and Tet are required to submit their proposals by November 6. Following this, the company Possessor will compile the proposals for evaluation, and the Ministry of Economics is expected to inform the government of the results by November 10. If the companies cannot secure the buyout, the government intends to merge LMT and Tet without delay.