Telia Company Sells Azercell Stake For EUR222 Million

By Dominic Chopping

STOCKHOLM--Nordic telecommunications operator Telia Company AB (TELIA.SK) said Monday that Fintur Holdings, jointly owned by Telia and Turkcell Musteri Hizmetleri (TKC), has agreed to sell its entire 51.3% holding in Azercell to Azerbaijan International Telecom LLC for 222 million euros ($273 million).

Telia has been divesting or liquidating its assets in Eurasia as it positions itself to focus on core Nordic and Baltic regions.

Telia Company owns 58.55% of Fintur while Turkcell holds 41.45%.

Monday's sale to Azintelecom, a company wholly owned by the Republic of Azerbaijan, is not subject to any conditions, such as regulatory or competition approvals, and has been completed.

"It is satisfying that we are able to announce a joint agreement with Turkcell to sell Azercell in Azerbaijan," said Telia Company Chief Executive Johan Dennelind.

"This is the fourth divestment in our effort to, over time, leave Eurasia and focus on the Nordic and Baltic regions within the framework of our New Generation Telco strategy."

Write to Dominic Chopping at [e-mail]; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

March 05, 2018 06:42 ET (11:42 GMT)

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