TeliaSonera strengthens its positions and influence in the Georgian and Uzbek markets
- 2008-01-29 15:45 UTC
TeliaSonera has directly and via its subsidiary Fintur closed two transactions in Eurasia, in order to streamline ownership structures and to strengthen its positions and influence in the Georgian and Uzbek markets.
Fintur Holdings B.V. (Fintur), in which TeliaSonera’s direct and indirect ownership is close to 74 percent, has finalized an acquisition of an additional 14.3 percent interest in Geocell LLC (Geocell), the second largest mobile operator in Georgia, for a total cash consideration of approximately SEK 210 million (USD 33 million), increasing Fintur’s ownership in Geocell to 97.5 percent from 83.2 percent.
In addition, TeliaSonera has finalized the negotiations to introduce a local partner to its Uzbekistan mobile operator OOO Coscom, the third largest mobile operator in Uzbekistan, and sold 26 percent of its 100 percent ownership for a cash consideration of approximately SEK 320 million (USD 50 million).
“These transactions emphasize TeliaSonera’s commitment to the region and are in line with our strategy to be the leading Eurasian mobile operator” says Tero Kivisaari, President TeliaSonera Eurasia. “The introduction of a minority shareholder in Uzbekistan is expected to bring significant local capabilities and efficiencies to enhance our position and influence in the Uzbek market,” Tero Kivisaari says.
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.