TeliaSonera, Tuesday announced that it has completed the divestment of its holding in the Nepalese operator Ncell. Early this year, Axiata Group signed a deal with TeliaSonera to acquire Ncell, which is Nepal's leading operator for US$1.37 billion.
Axiata took 100% stake in Reynolds Holdings from TeliaSonera UTA Holdings BV and SEA Telecom Investments to have an 80% stake in Ncell. At the same time, TeliaSonera dissolved its economic interests in the remaining 20 percent local ownership in Ncell and received approximately US$48 million from Sunivera Capital Ventures, Singapore.
Axiata has approximately 275 million customers and 25,000 employees in Asia. Ncell will complement its portfolio of Asian telecommunications assets which includes operations in Malaysia, Indonesia, Sri Lanka, Bangladesh, Cambodia, India, Singapore, Myanmar and Pakistan.