27 Apr 2017
Sweden-based telecoms group Telia Company has sold its 60% holding in Tajikistan’s Tcell to the Aga Khan Fund for Economic Development (AKFED), which is now the sole owner of the Tajik mobile operator. A statement from Telia confirms that the delayed deal – first announced in September 2016 – has now been closed, upping AKFED’s stake from 40% to 100% in Central Asian Telecommunications Development BV, which controls CJSC Indigo Tajikistan (Tcell). The transaction price was based on an enterprise value of USD46.2 million, of which Telia Company’s 60% corresponded to USD27.7 million, implying an EBITDA multiple of approximately 2.9x based on Tcell’s result for 2016.
‘By divesting Tcell we have now taken a second step in our strategy to leave region Eurasia and we maintain the ambition to complete our exit in 2017,’ said Johan Dennelind, President and CEO of Telia Company, adding: ‘AKFED is an established investor in the region and is in the best possible position to develop Tcell further.’ Regarding its Eurasia exit strategy, Telia previously sold its Nepalese division, but still holds interests in Uzbekistan, Azerbaijan, Kazakhstan, Moldova and Georgia.