"During the sales process, we were searching for a strategic investor who could increase the value of the company and receive added value himself by consolidating similar operations. The deal has been signed with| Telia Lietuva, which offered conditions that best answered our expectations," Dalius Misiunas, Lietuvos Energija's CEO, said in a press release.
The DLC sales process should be finalized in early 2018 after receipt of a green light from the competition watchdog. The sum of the deal will be withheld until then.
Telia Lietuva's CEO Kestutis Sliuzas said DLC would help develop the company's business.
"Acquisition of one of the most modern and advanced data communications and hosting operators in the Baltic states is an opportunity for us to develop cloud, IT and telecommunications business, as well as develop innovative services for our clients," Sliuzas said.
The DLC sales process was initiated in mid-November of 2016. Lietuvos Energija sold a 79.76-% stake in the center, while Litgrid sold 20.36%.
