Telia struck a deal to sell Moldovan operation Moldcell to CG Cell Technologies for $31.5 million, the final asset to be sold from the Sweden-based operator group’s once sizeable Eurasian business.
The group announced plans to exit its seven markets in the region during 2015 as part of a strategy to refocus the company, then known as TeliaSonera, on its core assets in the Nordic and Baltic regions.
Over the last five years it sold-off stakes and business units in Nepal, Kazakhstan, Uzbekistan, Azerbaijan, Georgia and Tajikistan. In 2014 its business in the region contributed 20 per cent of net sales, bringing in SEK20 billion ($2.1 billion).
The deal for Moldcell is being conducted through Telia subsidiary Fintur Holdings and is not subject to any regulatory conditions, it said, with the deal expected to close during the current quarter.
Moldcell’s buyer is a division of multinational investment company CG Corp Global. The operator is the second-largest in Moldova with around 900,000 customers.
Acting president and CEO of Telia Christian Luiga (pictured) said: “I’m happy to announce the completion of our journey to exit Eurasia allowing us to fully focus on the Nordic and Baltic markets.”Subscribe to our daily newsletter Back