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TeliaSonera AB to Sell Back its Indirect Ownership in Nepal Satellite to Zhodar Investment


Wednesday, 11 Sep 2013 03:00am EDT 

TeliaSonera AB announced that it has reached an agreement to sell back its indirect ownership in Nepal Satellite, a regional operator in Nepal, to Zhodar Investment. It announced that uncertainty regarding the regulatory and legal environment for consolidation and granting of licenses in Nepal has increased. Pursuing an acquisition of Nepal Satellite is therefore not considered possible for regulatory reasons. The agreement enables TeliaSonera to concentrate on Ncell, which reduces the business risk and complexity of TeliaSonera's total involvement in Nepal. In connection with the sale, the Company will report a loss of approximately SEK 0.4 billion. TeliaSonera's effective ownership of 57% in Nepal Satellite is the result of acquisitions made in 2011 and 2012. Norton Rose Fulbright, K&L Gates, and UBS have been the principal advisors in the transaction which is expected to close within a month.