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Tet and LMT merge topic outlined again as two companies hold talks

Photo: lmt.lv
Merge talks have been held between telecommunication company Tet (formerly Lattelecom) and mobile operator Latvijas mobilais telefons, as confirmed by Transport Minister Tālis Linkaits’ advisor for communication affairs Aļona Zandere.

Nothing more is known about talks as of yet.
 

BNN had previously reported that in November 2017 Latvia’s Cabinet of Ministers decided to not permit the merge between Tet and LMT.
 

In July 2018 then the Prime Minister Māris Kučinskis and Telia Company president Johan Dennelind signed a memorandum of understanding regarding future development of Tet and LMT.
 

The sides that signed the memorandum committed to developing a unified Tet and LMT strategy to ensure synergy by including in it development of a next generation communication system and use, creation of an innovative excellence and cooperation with science sector.
 

It was also reported that on 23 August 2018 Kučinskis issued an order with which a work group was formed to ensure representation of Latvia’s interests in the development of a joint strategy for Tet and LMT.
 

The order provided for the work group was to prepare and submit before 15 November 2018 to the State Chancellery Latvia’s position in talks with Telia Company on the future actions for the two companies. Later, however, the deadline was moved to 15 February 2019. The term for the development of the action plan was also moved from 1 January 2019 to 1 April 2020.
 

Telia Sonera and Sonera Holding together own 49% of LMT shares. Latvian state owns 28% of shares through the Privatization Agency and Latvia’s State Radio and Television Centre. Another 23% of shares in LMT are owned by Tet, whose 51% of shares are controlled by the Latvian state and 49% – by Telia Company.
 

Consolidated turnover in 2017 was EUR 195.67 million, which is 1.1% more than 2016. The concern’s profits grew 26.4%, reaching EUR 40.7 million. LMT group turnover in 2017 reached EUR 204.271 million, which is 7.6% more than 2016. The group’s profits last year were EUR 33.534 million, which is a 50% increase.

BNN/LETA

10-05-2019
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