TeliaSonera’s partly-owned company Overseas Telecom sells its holding in MTN Uganda

Overseas Telecom AB, where TeliaSonera owns 65 percent of the capital, has sold its 32 percent holding in the telecommunications operator MTN Uganda to MTN International (Mauritius) Ltd, wholly owned subsidiary of MTN Group Ltd, South Africa. The value of the transaction is SEK 1.2 billion.

The divestment is in line with the company’s strategy to successively realize previously made investments. It is expected to generate a gain of over SEK 900 million for Overseas Telecom.

After the divestment of MTN Uganda, the portfolio of Overseas Telecom still contains a 55 percent holding in the telecommunications operator Suntel of Sri Lanka.

The effect on TeliaSonera’s earnings, approximately SEK 600 million, will be recorded for the third quarter.