Telia divests stake in Tajik mobile operator
Baku, Azerbaijan, Sept. 7
By Elena Kosolapova – Trend:
Telia Company has divested its 60 percent stake in Tajik mobile operator Tcell to Aga Khan Fund for Economic Development (AKFED), the company said Sept. 7.
“The divestments of our holding in Tcell is in line with our ambition to reduce our presence in Eurasia and increase focus on our operations in the Nordics and Baltics,” said Johan Dennelind, Telia Company’s president and CEO.
The transaction price for Tcell is based on an enterprise value of $66 million, of which Telia Company’s 60 percent share corresponds to $39 million.
“Based on current FX-rates, the agreed price implies an EV/EBITDA multiple of approximately 4.0x based on Tcell’s 2015 results,” Telia said.
The company said the transaction will have limited result and net debt impact.
AKFED is an established investor in the region with multiple companies in its current portfolio.
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