Lattelecom gets green light for privatisation
Latvia's competition authority has approved the sale of Lattelecom shares as part of the company's move towards privatization.
On 20 August 2007, Lattelecom signed a memorandum of understanding with the company's current owners, the Republic of Latvia and Nordic telco TeliaSonera, for the sale of its stocks.
Lattelecom is buying out some of the shares with financing from a syndicate of four banks - Unicredit, Nordea Bank, Parex Bank and DnB Nor – while investment firm Blackstone is to acquire the remaining 51 per cent stake in the company.
Lattelecom says that this step will help the company enter the mobile communications sector. Lattelecom is one of the few fixed communications operators in the EU that does not offer mobile communications services.