December 5, 2018 / 8:21 AM / 7 days ago

Sweden's Telia sells its stake in Uzbekistan's Ucell for $215 mln

STOCKHOLM, Dec 5 (Reuters) - Telia has sold its direct holding in Uzbekistan’s Ucell to the local government committee for $215 million on a debt free basis, as part of its strategy to exit its Eurasian businesses, the Nordic telecoms operator said on Wednesday.

Telia said that the deal was expected to result in a gain of about 400 million Swedish crowns ($44 million) before reclassification of accumulated foreign exchange losses of 3.8 billion crowns to net income from discontinued operations.

The Swedish company is streamlining its operations to focus on growing its core Nordic business and had told Reuters in February that it was in talks with buyers to sell its Ucell stake. ($1 = 9.0345 Swedish crowns) (Reporting by Esha Vaish in Stockholm)

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