Telia has signed an agreement to sell its stake in Tajikistani operator Tcell to AKFED (the Aga Khan Fund for Economic Development).
Amid its broader goal of exiting the Eurasia region, Telia was seeking to divest its holding in Tcell’s controlling body, Central Asian Telecommunications Development. The price agreed with AKFED was $39 million, based on the business having an enterprise value of $66 million. The deal is subject to regulatory approval.
AKFED, an investor focused on the private sector of economies in the developing world, also owns the remaining 40% holding in Central Asian Telecommunications Development. Speaking about the deal, Telia president and CEO Johan Dennelind said: “AKFED has been a significant shareholder in Tcell since inception, and I am convinced they will be able to further develop the company.”
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European Communication Com writes: Telia sells up to Aga Khan in Tajikistan
Telia has continued its divestment programme in Eurasia by selling its stake in Indigo Tajikistan (Tcell).
The Scandinavian operator has sold its 60 percent holding in Central Asian Telecommunications Development, which controls Tcell, to the Aga Khan Fund for Economic Development (AKFED).
Telia is getting $39 million for its stake, with Tcell valued at $66 million, and said it expects the deal to close before the end of the year.
AKFED, which is part of the Aga Khan Development Network and invests in a range of businesses in Africa, South Asia and Central Asia, owns the remaining 40 percent of Tcell.
It was founded by the Aga Khan, the spiritual leader of Shia Imami Ismaili Muslims.
Telia announced 12 months ago that it was exiting its businesses in Azerbaijan, Georgia, Kazakhstan, Moldova, Nepal, Tajikistan and Uzbekistan to focus on Europe.
It sold its Nepalese opco to Axiata last December.
The operator saw sales fall by two percent in the three months to June, its most recent financial results.
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