Having started its operations as a state enterprise in 1992 as Lietuvos Telekomas, in 1998, the company was privatised by a consortium of Swedish Telia AB and Finnish Sonera Oy, Amber Teleholding A/S.

TEO LT, AB shares were traded on NASDAQ OMX Vilnius stock exchange.

In 2016, the number of TEO broadband Internet accesses increased by 3.4 percent, and reached 404 thousand at the end of the year.

Of these, the number of fiber optic Internet accesses grew by 9.3 percent, and reached 246 thousand at the end of the year.

[4] In December 2017, Telia Lithuania, Bitė Lietuva and Tele2 divided the shares of UAB Mobilieji Mokejimai equally (33.3 percent each).