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Tet has acquired Telia Latvija from Telia Company

Tet, the leading technology and entertainment operator in Latvia, has acquired Telia Latvija – a B2B telecom services provider – from Telia Company in a competitive auction process. The sale price corresponds to an enterprise value of US$11.5 million on a cash and debt free basis, representing a FY 2021 EV/EBITDA multiple of 10.0x.

Tet is a local technology and entertainment operator in Latvia, offering a full range of ICT and pay-TV services to households, businesses, the government and municipal institutions, as well as electricity and other services. In 2021, Tet had revenues of US$271 million and US$68 million EBITDA.

Telia Latvija was founded in 1992 and is a B2B telecom services provider. The company has 46 employees and offers large businesses across Latvia solutions within four services segments: telecommunications, cloud, data center solutions and media solutions.

Telia Company is a Swedish multinational telecommunications company and mobile network operator present in Sweden, Finland, Norway, Denmark, Lithuania, Latvia and Estonia. The company is headquartered in Stockholm and its stock is traded on the Stockholm Stock Exchange and on the Helsinki Stock Exchange.

Oaklins’ team in Latvia advised Tet throughout the acquisition process.

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“Tet’s strategy is to accelerate growth via acquisitions, and we are very excited about the opportunity to acquire Telia Latvia. We believe our businesses complement each other, especially within our data center and transmission business. We look forward to welcoming Telia Latvia and its employees to Tet and together, develop the business to the benefit of our customers, employees and the Latvian society at large.”

Uldis Tatarčuks

CEO, Tet

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Reinholds R Razums

Reinholds R Razums

Associate Partner
Riga, Lettland
Oaklins Baltics
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Valērija Lieģe

Valērija Lieģe

Partner
Riga, Lettland
Oaklins Baltics
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