Telia has fully divested all of its Eurasian units after finalising the sale of its Moldovan unit Moldcell to CG Cell Technologies for $31.5 million.
The Swedish group took the decision to pull out of seven markets in the region in 2015 with the aim of refocusing on the Nordic and Baltic regions around its home market. For its fiscal 2014, these markets accounted for 20% of its net sales – a total of SEK20 billion ($2.1 billion).
Since announcing the move, Telia has divested stakes and entire units in Azerbaijan, Georgia, Kazakhstan, Nepal, Tajikistan and Uzbekistan. The final sale of Moldcell is on track to be finalised this quarter as it is not bound by any regulatory conditions. Telia’s Fintur Holdings is handling the sale.
Telia’s acting president and CEO Christian Luiga 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.”
Buyer CG Cell Technologies is the second-placed mobile operator in Moldova, and a unit of the international investment firm CG Corp Global.