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TeliaSonera sells stake in Nepal's Ncell in $1 billion deal

TeliaSonera sells stake in Nepal's Ncell for $1 billion in move to leave central Asia

TeliaSonera sells stake in Nepal's Ncell in $1 billion deal

HELSINKI (AP) -- TeliaSonera AB is selling its 60 percent stake in Nepalese phone operator Ncell to Asian telecommunications group Axiata for $1 billion in cash.

The sale, announced Monday, is part of TeliaSonera's plan to pull out of the region following the dismissal of several of its executives for their role in questionable deals and allegations of bribery and money laundering.

The company said in September it will end operations in seven countries, including Kazakhstan, Azerbaijan, Georgia, Moldova and Tajikistan, to focus on the Nordic and Baltic region. No timescale for the changes has been given.


Updated : 2021-06-14 01:50 GMT+08:00