Telia is considering selling part of its 25 per cent stake in Russia-based operator MegaFon as part of its strategy to concentrate on its core markets, Bloomberg reported.
Citing sources close to the company, the news service said the Swedish carrier was looking to sell $500 million worth of shares in the Russian operator to institutional investors – equivalent to around 8 per cent of MegaFon.
Rumours of Telia divesting part of its Russian stake fits with its wider strategy of reducing interests outside of the Nordics and Baltics.
The company first announced it would exit a number of Eurasian markets in 2015 and has gradually been executing the plan. In May, Telia announced plans to sell a proportion of its stake in Turkcell, which followed an exit from Tajikistan in April.
Telia aims to be one of the leading players across countries surrounding its home market of Sweden and – according to Bloomberg – will use the funds raised from sales to focus on this area.
In its Q1 2017 earnings statement, Telia said it faces pressure in Sweden and Finland due to the decline of its legacy businesses in those markets.