SIA Tet entered into an agreement to acquire Telia Latvija Sia from Telia Company AB (publ) (OM:TELIA) for an enterprise value of €10.8 million on January 4, 2022. SIA Tet will pay an enterprise value of €10.75 million on a cash and debt free basis representing a FY2021e EV/EBITDA multiple of 10x, which includes refinancing of a Telia Company loan. The transaction is subject to customary regulatory approvals.

On may 20, 2022, The Competition Council of Sweden has issued permission for telecommunications provider Tet to acquire Telia Latvija. The transaction is expected to close during the second quarter of 2022. TGS Baltic and Nauris Grigals, Partner and Head of the Corporate and Commercial Practice Group of TGS Baltic in Latvia, provided the necessary legal assistance in the process of preparing Tet share purchase agreement, negotiating the transaction and concluding the agreement.

Oaklins acted as financial advisor to Tet and Deloitte Latvia Ltd. provided financial, tax and legal due diligence to Tet.