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VEON Accelerates Telecom Market Consolidation in Uzbekistan, a Market of Nearly 40 Million People

  • VEON Ltd. has agreed to acquire 100% of Rubicon Wireless, operating as the "Perfectum" brand, to strengthen Beeline Uzbekistan's market position.
  • The total consideration is approximately USD 207 million, including the assumption of Perfectum's outstanding financial debt of approximately USD 93 million.
  • The deal adds 115 MHz of spectrum across 850 MHz & 3,800 MHz bands to Beeline Uzbekistan, increasing its spectrum holdings by roughly 50%.
  • Perfectum's assets include a 5G standalone network deployed with Nokia equipment & modern network infrastructure.
  • The acquisition supports Beeline Uzbekistan's roadmap for 5G services, fixed wireless access, & expanded broadband connectivity.
  • Cash consideration will be funded from VEON's existing resources, with completion expected by the end of October 2026.
  • Relevant regulatory approvals have been secured, & the transaction is anticipated to generate capital & operating expenditure synergies.
  • VEON Group CEO Kaan Terzioglu & Beeline Uzbekistan CEO Yevgeniy Nastradin cited improved connectivity & efficient network investment as key strategic goals.