Telia announced a retreat from central Asia in 2015 after former
management became embroiled in a bribery scandal in Uzbekistan.
The company turned the page last year with U.S. and European
settlements costing $966 million.
Telia has since exited four of seven countries in its so called
Eurasian unit: Nepal, Tajikistan, Georgia and now Azerbaijan. It
still has operations in Uzbekistan, Kazakhstan and Moldova.
Telia has agreed to sell its 51.3 percent stake in Azerbaijan
mobile operator Azercell for 222 million euros ($273.50
million). The price corresponds to an EV/EBITDA multiple of 2.1
based on 2017 numbers, it said in a statement.
Fintur Holdings, in which Telia has a 58.55 percent ownership
and Turkcell the remaining shares, sold its stake to Azerbaijan
International Telecom LLC, which is owned by the Republic of
Azerbaijan.
The transaction is not subject to regulatory or competition
approvals and has been completed, Telia said.
Telia hopes to complete an exit from Eurasia this year and is
interested in acquisitions in its core markets, board chairwoman
Marie Ehrling told Reuters last week.
(Reporting by Olof Swahnberg and Helena Soderpalm. Editing by
Jane Merriman)
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