Tet plans to invest €31m in internet infrastructure and development in 2019

Telecommunications company Tet this year plans to invest €31 million in internet infrastructure and development, while investments made in the first eight months of 2019 reach €17.4 million, the company reported.

The company said that Tet has also strengthened its positions in internet infrastructure export by establishing international optical cable network Baltic Net.

The Baltic Net developed by Tet currently has ten hubs linking Tallinn, Vilnius, Stockholm, Helsinki, Kaunas, Frankfurt, Warsaw and Kyiv. The optical cable between Riga and Vilnius may ensure data transmission at a speed of 100 gigabits per second. 

The priority task of Baltic Net is to provide the necessary internet speed for banks, the large data centers and other companies who need to transfer big data, as well as offer an opportunity for mobile operators to ensure 5G internet.

Tet Group's turnover in 2018 amounted to €211.943 million, an increase of 6.2% on 2017, while the group's profit increased 2.5% to €41.778 million, according to Firmas.lv.

Tet shareholders are the Latvian state (51%) and Scandinavian telecommunications group Telia Company’s subsidiary Tilts Communications (49%). Tet Group includes Tet, Citrus Solutions, Lattelecom Technology, Helio Media and Baltijas Datoru Akademija. Tet owns a 23 percent stake in Latvijas Mobilais Telefons (LMT) mobile operator.

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