March 5, 2018 / 10:23 AM / a year ago

Telia sells stake in Azercell

STOCKHOLM, March 5 (Reuters) - Nordic telecom operator Telia Company on Monday said it had sold its 51.3 percent stake in Azerbaijan mobile operator Azercell, which it co-owns with Turkcell, for 222 million euros ($273.50 million).

Fintur Holdings, in which Telia has a 58.55 percent ownership and Turkcell the remaining shares, sold its stake in Azertel to Azerbaijan International Telecom LLC, which is owned by the Republic of Azerbaijan.

Telia announced in 2015 a retreat from central Asia after former management became embroiled in a bribery scandal in Uzbekistan. The company turned the page last year with U.S. and European settlements costing $966 million.

$1 = 0.8117 euros Reporting by Olof Swahnberg and Helena Soderpalm; editing by Niklas Pollard

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