The Latvian government says it is in talks with 23 potential investors as it prepares one of the country's largest corporate transactions in more than 15 years – the acquisition of Telia's stakes in mobile operator LMT and telecommunications provider Tet, LETA, Latvia’s national news agency, reported on July 10.

The transaction follows Telia's decision to exit its long-standing cross-shareholding with the Latvian state, ending a complex ownership structure that has existed for decades. The deal is expected to reshape Latvia's telecommunications sector and pave the way for one of the Baltic region's largest digital infrastructure investments.

Economics Minister Viktors Valainis said the level of international interest would allow Latvia to choose a partner with the strongest long-term strategic vision. The identities of the investors remain confidential while due diligence is under way.

Valainis said valuations of both companies are being finalised before binding offers are submitted. All prospective investors will also be screened by Latvia's security services before gaining access to commercially sensitive information.

Prime Minister Andris Kulbergs described the sale as one of Latvia's most significant corporate transactions in more than a decade, stressing that the government wanted to secure lasting economic and strategic benefits.

"The process must be transparent and firmly aligned with Latvia's national interests," he said, adding that Latvia is seeking an investor capable of bringing international expertise and supporting future technology development, LETA reported.

The government believes LMT and Tet can become key drivers of innovation, exports and economic growth, supported by updated business plans and stronger corporate governance.

J.P. Morgan is advising the Latvian government on the transaction, with legal, financial and technical support from A&O Shearman, Walless, Deloitte, Tegos and Hardiman Telecommunications.