Telia Company has agreed to sell its stakes in Latvian telecom operators Tet and LMT, marking its exit from the country as it continues to streamline its operations.
The Swedish telecom firm signed a memorandum of understanding to divest its 49% share in fixed-network operator Tet and its 60.3% holding in mobile carrier LMT to a consortium including the Republic of Latvia, state energy company Latvenergo and state tech firm LVRTC.
The deal follows Telia's recent sale of its TV and media business as it focuses on its core connectivity services.
The parties aim to sign a final agreement by the end of 2025 and close the transaction in the first half of 2026, the company said.
Financial terms of the proposed transaction were not disclosed.
"The complex holding structure of Tet and LMT has slowed value creation," Telia President and CEO Patrik Hofbauer said in a statement, adding that the deal would allow the Latvian companies to "develop further under a new ownership model."
The move marks a shift from early 2022, when Telia stated it remained committed to Latvia after selling a smaller local business unit to Tet.
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