The Latvian government wants to buy shares in the companies LMT and Tet from the Swedish company for the development of military projects based on these companies, media reported. For this purpose, JPMorgan Chase & Co, an American multinational financial conglomerate and one of the largest banks in the world, headquartered in New York, is being engaged as a consultant. As a consultant for the buyout of shares in the technology and telecommunications companies LLC "Latvijas mobilais telefons" (LMT) and LLC "Tet" from the Swedish telecommunications company "Telia", a team of consultants has been selected, with the leading participant being the U.S.-based "J.P. Morgan", the agency LETA was informed by JSC "Latvenergo". The consortium includes "J.P. Morgan", "A&O Shearman" and "Walless", as well as "Deloitte", "Tegos" and "Hardiman Telecommunications". Contracts with the consultants were signed at the end of last week. The consultants' task will be to structure the acquisition of shares in "Tet" and LMT, select investors, organize the completion of the deal, and jointly develop a growth strategy with the companies. The consultants will also conduct a thorough study (due diligence) of "Tet" and LMT. After the contracts were signed, the consultants have already begun familiarizing themselves with both enterprises. The consultants were selected from 16 candidates during a three-month international selection process. As noted by the chairman of the board of JSC "Latvian State Radio and Television Center" (LSRTC) Girts Ozols, leading international consultants with global experience were attracted to the deal. "Although the selection took longer than planned, the consultants immediately began working in parallel streams," he noted. In turn, the chairman of the board of "Latvenergo" Martins Čakste emphasized that the high activity of the consultants confirms interest in Latvia as a favorable and safe country for investment and indicates the potential for the development of the telecommunications and digital sector. "This will allow LMT and 'Tet' to enter a new phase of development. If everything planned is implemented, 'Tet' and LMT could become leading providers of digital services in the Baltics," he added. The Ministry of Economics previously indicated that the parties committed to a schedule that provides for the signing of the share purchase agreement in July of this year and attracting a strategic investor in the second half of 2026. "Telia" signed a memorandum of understanding with Latvia, "Latvenergo" and LSRTC for the sale of all its shares in "Tet" and LMT. Currently, the state, represented by LLC "Public Asset Manager 'Possessor'", owns 51% of the shares in "Tet", while the subsidiary of "Telia", "Tilts Communications", owns 49% of the shares. In turn, in the capital of LMT, "Telia" and its subsidiary "Sonera Holding" own 49%, the Latvian side through LSRTC owns 23%, "Tet" owns 23%, and "Possessor" owns 5%. After the buyout of the shares owned by "Telia" and the attraction of a strategic investor, all parties involved in the deal - "Latvenergo", LSRTC, "Possessor" and the strategic investor - may own approximately 25% of the capital shares of both enterprises. It was previously reported that the Swedish telecommunications company "Telia", which is one of the shareholders of "Tet" and the mobile operator "Latvijas mobilais telefons" (LMT), has stalled several military projects for years, according to the TV3 program "Nekā personīga". Former Defense Minister Artis Pabriks recalls that he faced a clear "no" from the Swedish shareholders regarding "LMT". According to him, the Swedish side is interested in the profits that go to Sweden, not in what Latvia's security interests, national interests, or development plans are. In other words, this is not their main priority.