TeliaSonera Increases Georgian and Reduces Uzbek Shareholdings

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, 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, the second largest mobile operator in Georgia, for a total cash consideration of approximately US$ 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 Coscom, the third largest mobile operator in Uzbekistan, and sold 26 percent of its 100 percent ownership for a cash consideration of approximately US$ 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.

Posted to the site on 29th January 2008