International digital operator VEON, which owns the Beeline brand in Uzbekistan, has signed an agreement to acquire 100% of Rubicon Wireless, which operates under the Perfectum brand, the company’s press service reported.
Under the agreement, the total transaction value is approximately $207 million, including around $93 million in Perfectum’s financial debt assumed by VEON.
The cash portion of the deal will be fully funded from the group’s own cash reserves. All necessary regulatory approvals have been obtained, and the transaction is expected to close by the end of October.
VEON said the acquisition would significantly strengthen Beeline Uzbekistan’s position in the country’s telecommunications market by integrating Perfectum’s spectrum and infrastructure. Beeline will gain 115 MHz of spectrum in the 850 MHz and 3,800 MHz bands, increasing its total spectrum holdings by approximately 50%.
The assets also include modern network equipment, including a fully operational 5G Standalone network previously deployed using Nokia solutions. Integration is expected to increase network capacity and coverage, expand fixed wireless access for households and businesses, and reduce future capital and operating costs through synergies with Beeline’s existing infrastructure.
VEON CEO Kaan Terzioglu said Uzbekistan remained one of the group’s key growth markets and that the deal reflected confidence in the country’s digital future and aimed to improve customer experience. Beeline Uzbekistan CEO Yevgeny Nastradin added that the acquired resources would help the operator meet growing demand for data services, accelerate 5G deployment and expand wireless broadband access across the country.
Background to the deal
At an August open dialogue between the president and entrepreneurs, Farhod Mamatjanov, majority shareholder of InfinBank and founder of Uztex Group, asked for assistance in obtaining a conclusion from the Competition Committee to facilitate a $200 million investment.
The president took the matter under his personal supervision. After reviewing the mobile communications market, the antimonopoly authority gave preliminary approval for the economic concentration, finding no risks to competition.
In mid-July, the Competition Committee announced that it had approved a deal involving the sale of a 50% stake in Perfectum. The regulator reviewed an application by “citizen F. Mamatjanov” seeking approval to acquire a 50% stake in Rubicon Wireless Communication, which operates under the Perfectum brand.
The special commission concluded that the transaction would have no adverse effect on competition and approved the agreement.
According to the Unified State Register of Enterprises and Organisations, Mamatjanov Farhod Fakhritdinovich currently holds a 50% stake in Rubicon Wireless Communication. The remaining shares belong to shareholders of the Unified Republican Processing Centre (Uzcard): 41.23% is owned by foreign company IMC-Capital, while 8.77% belongs to Kamron Akbarov.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
