Spectrlite UK to acquire a 80% stake in Ncell Axiata from Axiata Group Berhad for $50m.

Spectrlite UK, a holding company, agreed to acquire a 80% stake in Ncell Axiata, a private mobile service provider operating in Nepal, from Axiata Group Berhad, a telecommunications company, for $50m. “Axiata has been in Nepal for seven years, working alongside hard-working colleagues in Ncell. However, the increasing challenges in the operating environment represents a fundamental shift. It has led the Axiata board to conclude, after a thorough process, that our foray in Nepal cannot continue due to the unfavourable conditions for Axiata, the uncertain regulatory and tax environment and the looming risks associated with the expiry of the mobile license in 2029. The offer we received has enabled and accelerated a clean exit for Axiata. Ncell retains full responsibility for its business and any of its liabilities, while The Purchaser will further indemnify Axiata against existing and future Nepalese tax claims in relation to Ncell. We believe this decision is in the best long-term interests of all our shareholders," Vivek Sood, Axiata CEO & Managing Director.