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Bite Latvija buys Stream Networks and Latnet

Mobile commutations operator Bite Latvija has signed a purchase agreement for 100% of shares of Stream Networks and its subsidiary Latner Serviss, as BNN was informed by Bite manager in Latvia Kaspars Buls.

Buls said by combining Bite’s output with Stream Networks and Latnet Service’s competence in development of ICT solutions and service provision will set the foundation for modern mobile communications and formation of ICT services portfolio for corporate clients.

«By combining our forces, we will be able to integrate mobile communication services with modern ICT solutions, such as optic internet, IP telephone services, video surveillance, cloud services and other modern business services,» says Buls.

Teams of the two newly-acquired companies and their current manager Edgars Ricevs will continue working in the combined structures. Ricevs will remain in his post as chairman of Stream Networks and Latnet.

For the deal to go through, the Competition Council has to provide its permission first.

The sum paid for shares is not reported.

Stream Networks was founded in 2007 and purchased in 2014. Stream Networks and Latnet Service combined have 48 employees providing services to more than 2,500 clients in Latvia. Most of them are corporate clients. Consolidates turnover of the two companies was EUR 5.5 million in 2016.


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