TeliaSonera is selling its share of Ncell to Axiata, one of Asia's biggest telecommunication groups. According to TeliaSonera Axiata has more than 260 million customers and 25,000 employees and is listed on the Malaysian stock exchange.
Meanwhile, in addition to TeliaSonera selling its 60.4 ownership of Nepalese operator Ncell, the company said it would dissolve its economic interests in an additional 20 percent stake owned locally, as required by Nepalese law. TeliaSonera said it expects that transaction to net some 44 million euros.
According to a press release published on Tuesday the expected divestment proceeds will primarily be used for debt reduction in line with the company’s ambition to keep an investment grade credit rating of A- to BBB+.
TeliaSonera’s President and CEO Johan Dennelind said the company had announced in September that it planned to reduce its presence in Eurasia and would focus on European and Baltic markets.
"Today, I am very pleased to announce a first step and proof point in this reshaping of TeliaSonera. I am also glad to see Axiata as a new owner. That gives me comfort that our dedicated employees are in good hands when taking Ncell to the next level," says.
The deals are scheduled to be complete in the first half of 2016.