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Telia Sells its stake in Tajik operator Tcell

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Telia has agreed to sell its 60 percent holding in Tajikistan's Tcell, to the Aga Khan Fund for Economic Development (AKFED).

AKFED is currently the minority owner in Tcell with a 40 percent holding. The transaction is expected to close by the end of the year and is subject to regulatory approvals in Tajikistan.

"The divestments of our holding in Tcell is in line with our ambition to reduce our presence in Eurasia and increase focus on our operations in the Nordics and Baltics. AKFED has been a significant shareholder in Tcell since inception, and I am convinced that they will be able to further develop the company," says Johan Dennelind, Telia Company's President and CEO.

The transaction price for Tcell is based on an enterprise value of USD66 million, of which Telia Company's 60 percent share corresponds to USD39 million. Based on current FX-rates, the agreed price implies an EV/EBITDA multiple of approximately 4.0x based on Tcell's 2015 results.

The transaction will have limited result and net debt impact.

Telia Company has together with external risk consultants conducted due diligence and background checks of the parties in this transaction.

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Tags: telia  tcell  Tajikistan