Swedish telecommunications operator Telia Co. AB divested its holdings in Russian partner MegaFon PJSC, according to an update released on Tuesday. The remaining stake of 19% was agreed to be sold to Gazprombank JSC for 60.4 billion rubles in gross terms, or $1.04 billion, it said, expressing determination to focus on core markets. Telia, which was one of the founders of MegaFon, holds major positions in Sweden, Finland and the Baltic countries.
The buyer vowed to hold the shares for at least six months, with some exceptions, according to the press release. The transaction is funded with cash, meaning there are no funding or credit commitments in relation to sanctions imposed against the lender by the European Union and United States, Telia said.
Earlier, the Nordic company sold 6.2% in the stock market. It also exited its stake in Turkcell Iletisim Hizmetleri AS of Turkey of 7% for $513.4 million in September, and kept a 24% indirect share.
