Telia Company sold its interest in Ucell (FE Coscom LLC) to the State Committee of the Republic of Uzbekistan for Assistance to Privatized Enterprises and Development of Competition for $215m

Telia Company sold its majority interest in Ucell to the State Committee of the Republic of Uzbekistan for Assistance to Privatized Enterprises and Development of Competition, a governmental authority of the sovereign state of Uzbekistan, for a price corresponding to $215m on a debt free basis. Ucell was established in 1996 under the brand Coscom. Telia Company became the majority owner in 2007 and the company changed its name into Ucell in 2008. It has roughly 1,250 employees and 7.1 million subscribers. Ucell’s 2G network covers approximately 97 percent of Uzbekistan and its 3G network covers roughly 60 percent of the country. “This is the fifth divestment in line with our decision to leave Eurasia and focus on the Nordic and Baltic regions within the framework of our New Generation Telco strategy.” says Johan Dennelind, President and CEO of Telia Company.