Baku, Azerbaijan, Dec. 5
By Fikret Dolukhanov – Trend:
Telia Company is selling its interest in Ucell (FE Coscom LLC) to the State Committee of the Republic of Uzbekistan for Assistance to Privatized Enterprises and Development of Competition for $215 million on a debt free basis, Trend reports referring to the press service of the Swedish company.
“It is satisfying that we are able to announce an agreement to sell Ucell in Uzbekistan. This is the fifth divestment in line with our decision to leave Eurasia and focus on the Nordic and Baltic regions within the framework of our New Generation Telco strategy. I would like to thank Ucell’s employees for their outstanding contributions and wish them all the best in the company’s next phase,” Johan Dennelind, president and CEO of Telia Company, said.
Telia Company has complied with all requirements of its Sept. 21, 2017 Deferred Prosecution Agreement with the US Department of Justice (DOJ) with respect to the transaction.
The transaction is not subject to any conditions, such as regulatory or competition approvals, and will be completed during the course of the day.
UBS, Deloitte, Davis Polk & Wardwell LLP, Cravath, Swaine & Moore LLP and Grata acted as advisers to Telia Company in connection with the transaction.
Ucell was established in 1996 under the brand name of Coscom. Telia Company became its majority owner in 2007 and the company changed its name to Ucell in 2008. It has about 1,250 employees and 7.1 million subscribers. Ucell’s 2G network covers approximately 97 percent of Uzbekistan and its 3G network covers roughly 60 percent of the country.
---
Follow the author on Twitter: @FDolukhanov