TeliaSonera says it plans to exit six markets in the former Soviet Union in which the Scandinavian telecoms giant has been hit hard by bribery investigations, troubles repatriating cash, and difficulties identifying who, exactly, its local partners are.
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According to Azercell’s statement, in compliance with the new strategy, TeliaSonera group of companies operating both in European and Eurasian markets, have decided to reduce its presence in Eurasia region and overtime fully leave the region in order to increase its focus on Region Europe and Sweden.
Turkcell on Wednesday announced that it is looking at its options regarding the possible acquisition of some of TeliaSonera’s assets in the Eurasia region, assets in which it already holds a stake.
Once seen as a new frontier for expansion and profit, Uzbekistan has become a source of financial and judicial concerns for TeliaSonera.
TeliaSonera will focus on core areas such as connectivity and convergence – while supplementing with new initiatives in areas that complement, and strengthen, the core business in Regions Europe and Sweden.
TeliaSonera declined to comment on the corruption accusations, saying only that it was cooperating with USA and Swedish judicial authorities. V, due to Turkcell’s business expansion in region.
TeliaSonera owns 100% of shares in Geocell.
TeliaSonera’s now owns 58.55% of shares in a holding company that controls Geocell, one of three telecom companies in Georgia, the other two being Magticom and Beeline.
The Azerbaijani Communications and High Technologies Ministry reported that there as no official request regarding TeliaSonera’s withdrawal from the market.
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Altogether, the markets TeliaSonera is vacating accounted for a fifth of the company’s sales in 2014, and almost a third of its earnings. Currently, the number of Azercell’s subscribers reached 4.6 million people.
