Telia abandons attempted sale of Tcell

4 Apr 2017

Telia Company has announced that its previously agreed sale of its entire stake in Tajikistan mobile operator Tcell has been cancelled. A statement said that Telia’s agreement with its fellow shareholder Aga Khan Fund for Economic Development (AKFED) for the sale of its 60% holding in Central Asian Telecommunications Development, which controls CJSC Indigo Tajikistan (Tcell) – announced in September 2016 – is no longer valid. The agreement has expired since The Anti-Monopoly Service in Tajikistan did not reply by the stipulated deadline between Telia Company and AKFED. Emil Nilsson, Head of Region Eurasia at Telia, said: ‘We have taken all relevant actions in trying to close the deal. The proposed buyer of our interest in Tcell, AKFED, is an established investor in the region with multiple companies in its current portfolio and a long history in Tcell. We are now assessing alternative ownership solutions for Tcell.’ Telia’s operations in Tajikistan are reported as discontinued operations in its group reports and the book value of Telia Company’s interests has been adjusted to zero. In the agreement which was communicated in September 2016, the agreed price for Telia Company’s interest was approximately USD13 million in equity value. Telia adds that it maintains its ambition for a phased exit from Region Eurasia to focus on the Nordic and Baltic region.

Tajikistan, Aga Khan Fund for Economic Development (AKFED), Tcell, Telia Company