TeliaSonera´s divestment of Ncell is now completed

Today TeliaSonera have completed the divestment of our holdings in Ncell, our operations in Nepal. The buyer is Axiata, one of Asia’s largest telecommunication groups.

Last year, TeliaSonera announced the strategic direction to reduce our presence in Eurasia and focus on our Nordic and Baltic markets. TeliaSonera´s 60.4 percent ownership in Ncell has now been divested to Axiata, according to an agreement announced on December 21th, 2015. The deal has been approved by all relevant authorities.

“I am very pleased to announce the completion of our divestment of Ncell to Axiata, according to our announcement in December and in line with our ambition to reduce our presence in Eurasia over time. Axiata is a suitable new owner of Ncell and it gives me comfort that our dedicated employees are in good hands,” says Johan Dennelind, TeliaSonera’s President and CEO.

Axiata has approximately 275 million customers and 25,000 employees in Asia. Ncell will complement its portfolio of Asian telecommunications assets, which includes operations in Malaysia, Indonesia, Sri Lanka, Bangladesh, Cambodia, India, Singapore, Myanmar and Pakistan.

TeliaSonera has completed the sale at an enterprise value of USD 1,030 million for its 60.4 percent ownership of Reynolds Holding, which owns Ncell. The transaction is subject to customary closing balance sheet adjustments based on net debt and net working capital. TeliaSonera will be paid for Ncell’s cash position in proportion to its economic interest of 80.4 percent. Furthermore, TeliaSonera has dissolved its economic interests in the 20 percent local ownership in Ncell and received approximately USD 48 million from Sunivera Capital Ventures, Singapore.