TeliaSonera in Talks to Buy Latvian Mobile Operator

TeliaSonera says that it has signed a Memorandum of Understanding with the Republic of Latvia and the management buyout consortium of Lattelecom to increase TeliaSonera's shareholding in the leading mobile operator Latvijas Mobilais Telefons (LMT) in Latvia, to 100 percent from 60.27 percent, and to divest TeliaSonera's 49 percent holding in the Latvian fixed line operator SIA Lattelecom (Lattelecom).

Under such a transaction, TeliaSonera would acquire the Republic of Latvia's 28 percent and Lattelecom's 23 percent shareholdings in LMT, increasing TeliaSonera's direct shareholding to 100 percent. Simultaneously, TeliaSonera would sell its 49 percent holding and the Republic of Latvia its 51 percent holding in Lattelecom, to the management buyout consortium of Lattelecom.

Any transaction is subject to final agreements between the parties on terms and conditions.

Posted to the site on 20th August 2007