Eltel sells its business operations in Latvia

19.07.2017

Eltel has sold its business operations in Latvia in a management buy-out whereby Jurijs Kokorevičs (District Manager at Eltel) acquired 100% of the shares in Eltel Networks.  Eltel is a leading Northern European provider of technical services for critical infrastructure networks – Infranets – in the segments of power, communication and other. Company’s operations spread throughout the Nordics, Poland and Germany providing a broad and integrated range of services, spanning from maintenance and upgrade services to project deliveries. 

Eltel’s Latvian business operations comprise design, construction and maintenance works for power distribution and power transmission networks in Latvia.

In 2016, these operations generated net sales of EUR 4.7 million, were marginally loss-making and currently employ 91 people. Sorainen assisted the client in the share sale process by providing advice on Latvian law, assisting in drafting transaction documents and concluding the agreements.

The client was advised by Sorainen Latvia senior associate Renāte Purvinska and country managing partner Eva Berlaus.

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