Kazakhstan state-controlled operator Kazakhtelecom agreed a deal to acquire a 75 per cent stake in KCell from Telia and Turkcell for $446 million.

In a statement, Telia said it will sell its 24 per cent holding in the company, as well as a 51 per cent stake it owns with Turkcell through Fintur Holdings. The $446 value implies an enterprise value of $771 million for a 100 per cent stake in KCell, on a cash and debt-free basis.

The deal to sell KCell is particularly significant for Telia, as it continues its efforts to sell assets outside of its core Nordic and Baltic markets, a strategy announced in 2015.

CEO and president Johan Dennelind said the KCell agreement means Telia had, in all material aspects, completed “the journey of exiting Eurasia”.

“It has been a complex process with many interests and considerations, but we are now pleased with the completion of this process,” he added.

Kazakhtelecom and Telia held negotations about a deal for KCell earlier in the year, but discussions broke down in September after they failed to agree on a price.

The KCell sale is expected to be completed later this month. It has already been approved by the anti-monopoly authority in Kazakhstan.

In a separate deal, Telia added it had signed an agreement to acquire Turkcell’s 41.45 per cent share in Fintur Holdings to become the sole shareholder, allowing it to repatriate cash from the holding company.