Telia Company Divests Remaining Stake in MegaFon

Telia Company Divests Remaining Stake in MegaFon Image Credit: Telia company

Telia Company has agreed to sell its remaining 19.0 percent holding in Russia's second-biggest mobile phone operator, MegaFon for $1.04 billion (60.4 billion rubles).

This divestment now puts an end to Telia Company’s ownership in MegaFon in accordance with its strategy to focus on the Nordics and Baltics.

Telia Company sold approximately ​6 percent of its shares in MegaFon which operates in all segments of the telecommunications markets in Russia, and in the Republics of Abkhazia, South Ossetia and Tajikistan, for roughly ​$388 million in October. 

Last Month, Telia's Norwegian rival Telenor Group completed sale of 90 million shares it owns in Veon, the mobile company formerly known as Vimpelcom in Russia. Telenor sold about 164 million Veon shares in September and around 70 million shares in April. 

Johan Dennelind, President & CEO,  Telia Company
Telia Company is one of the founders of MegaFon and we have since the inception actively contributed to its success of becoming a mobile and digital leader in Russia. After recently commencing our exit from MegaFon by placing 6.2 percent of our holding on the open stock market, this divestment now puts an end to Telia Company's ownership in MegaFon in accordance with our strategy to focus on the Nordics and Baltics.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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