Veon to Buy Mobile Network Operator in Uzbekistan for About $207 Million

Dow Jones10-19

Veon inked a deal to acquire Rubicon Wireless for about $207 million, including debt.

Veon said Monday that its acquisition of Rubicon, a mobile network operator, adds complementary spectrum and network assets to the company's operations in Uzbekistan, supporting better connectivity and expanding broadband access in the country.

"Uzbekistan is one of Veon's core growth markets, and this acquisition reflects our confidence in its digital future," Chief Executive Kaan Terzioglu said.

The transaction is expected to increase Veon's spectrum holdings by about 50% in Uzbekistan, providing additional resources to enhance network coverage and capacity, the company said. The combination also is expected to improve the efficiency of future network investment.

The acquisition is expected to close by the end of the month. Veon said it will fund the purchase from its existing cash resources.

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