Owner of Kyivstar Buys Mobile Operator in Uzbekistan

International telecommunications group VEON, which is the main shareholder of the Ukrainian operator Kyivstar, has agreed to acquire the mobile operator Perfectum in Uzbekistan. The total transaction value will be about $207 million.

VEON's press service reported this on October 19.

The company signed an agreement to acquire 100% of the shares of Rubicon Wireless, which operates in the Uzbek market under the Perfectum brand. The total transaction value includes approximately $93 million of the financial debt of the acquired operator.

The cash portion of the purchase will be financed by VEON from its own funds. Necessary regulatory approvals have already been obtained, and the deal is expected to close by the end of October 2026.

The acquisition of Perfectum will allow the group to expand its telecommunications infrastructure in Uzbekistan and strengthen the position of its existing operator Beeline Uzbekistan.

Perfectum's assets include 115 MHz of radio frequency spectrum in the 850 and 3800 MHz bands, network equipment and infrastructure, including a standalone 5G network built with Nokia equipment.

After the deal closes, the frequency resource of Beeline Uzbekistan is expected to increase by approximately 50%. This will allow the company to expand coverage and capacity of its 4G/LTE network, develop 5G services and provide wireless broadband internet access to households and businesses.

VEON also expects to reduce capital and operating expenses by combining the infrastructure of the two operators.

VEON CEO Kaan Terzioglu noted that Uzbekistan remains one of the key growth markets for the group. According to him, the acquisition will enable more efficient use of investments in telecommunications infrastructure and expand access to digital services for the population.

Head of Beeline Uzbekistan Yevgeniy Nastradin added that additional frequency resources will help the operator meet the growing demand for mobile internet and accelerate the deployment of next-generation networks.

VEON provides mobile connectivity and digital services in five markets. Among its assets are Ukraine's Kyivstar, Beeline Uzbekistan and other telecommunications operators. Shares of VEON itself are traded on the US Nasdaq exchange.

In Ukraine, the group continues to develop mobile infrastructure and digital services through Kyivstar. Meanwhile, the announced purchase of Perfectum concerns only the Uzbek market. The company has not reported any changes to tariffs, services or investment plans of the Ukrainian operator in connection with this deal.

Based on materials from: VEON, Beeline Uzbekistan.