A team of advisers led by US-based J.P. Morgan has been chosen to provide legal advice for the transaction in which Latvia will buy out shares in Latvijas Mobilais Telefons (LMT) and Tet from Swedish telecommunication company Telia, LETA was told at Latvenergo.

The consortium includes J.P. Morgan, A&O Shearman and Walless, as well as Deloitte, Tegos, and Hardiman Telecommunications.

The contracts with the advisers were signed at the end of last week.

As reported, the deal to buy out Telia-owned stakes in LMT and Tet could be concluded in July this year.

The Economics Ministry said that the parties had committed to the agreed timetable, which foresees the conclusion of the share sale agreement in July this year and the completion of the transaction, as well as the attraction of an additional strategic investor in the second half of 2026.

Telia has signed a memorandum of understanding with Latvia, Latvenergo and the Latvia State Radio and Television Center (LVRTC) on the sale of all its shares in Tet and LMT. The parties aim to sign a definitive agreement by the end of 2025, with the transaction expected to be completed in the first half of 2026.

Currently, the state, through Public Asset Manager Possessor, owns 51 percent of Tet, while Telia’s subsidiary Tilts Communications owns 49 percent of Tet. In LMT, on the other hand, Telia and its subsidiary Sonera Holding own a total of 49 percent, the Latvian state owns a total of 28 percent through the Latvian State Radio and Television Center (LVRTC) and Possessor (5 percent), while Tet holds another 23 percent.

After buyout of Telia shares and the attraction of a strategic investor, all parties involved in the transaction – Latvenergo, LVRTC, Possessor, and the strategic investor – could own approximately 25 percent of the shares in both companies.

Source: BNS

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