Swedish telecommunication company TeliaSonera has exited Nepal, selling its stake in Ncell to Axiata at US $ 1.030 billion on a cash and debt free basis. By divesting its direct ownership of 60.4 percent in Ncell to one of the largest Asian telecommunications groups, TeliaSonera took the first major step in its plan to exit Asian and former Soviet markets to focus on Europe and its home Nordic region.
Malaysian company Axiata on Monday (December 21, 2015) signed a conditional sale and purchase agreement with TeliaSonera UTA Holdings B.V. and SEA Telecom Investments B.V. via Visor, a Kazhak investment group, for the 100 percent acquisition of Reynolds Holdings Ltd. However, it has consolidated a 20 percent Shrestha ownership.
According to TeliaSonera, it will take another six months to complete the deal.
Salomon Bekele, senior advisor, CEO office of TeliaSonera, said that the total deal is worth US $ 1.4 billion (Rs 140 billion), of which TeliaSonera will get a total of US$ 1.1 billion approximately, including its US $ 1.03 billion and US $ 48 million from Niraj Govinda Shrestha as economic interest of loan against share pledges.