VEON has agreed to acquire 100 percent of the mobile operator Perfectum in Uzbekistan for $207 million

VEON agrees to acquire 100 percent of mobile operator Perfectum in Uzbekistan for $207 million

International telecommunications holding VEON has signed an agreement to acquire a 100 percent stake in Rubicon Wireless, which operates under the Perfectum brand in Uzbekistan. The company announced this in a statement released on October 19.

The total value of the transaction is approximately $207 million. This amount includes assuming Perfectum's unpaid financial debt of approximately $93 million.

Thus, the indicated amount covers not only the premium paid for the acquired business, but also its debt obligations.

VEON will finance the cash portion of the deal from its existing funds. According to the holding, the necessary regulatory approvals have already been obtained. The acquisition is planned to be completed by the end of October 2026.

Upon completion of the transaction, VEON will acquire additional radio frequencies, network equipment, and Perfectum's telecommunications infrastructure.

In particular, the operator's assets include a 115 MHz radio frequency spectrum in the 850 and 3800 MHz bands, as well as a 5G Standalone (SA) network built on equipment from the Finnish company Nokia.

According to VEON's calculations, this acquisition will allow Beeline Uzbekistan to increase its radio frequency resources by approximately 50 percent.

The company plans to use the new assets to expand the coverage and capacity of its current 4G/LTE network, as well as to develop 5G services and wireless broadband internet for the population and businesses.

In addition, combining the infrastructure of the two operators is expected to reduce future capital and operational expenses.

"Uzbekistan is one of the most important growth markets for VEON, and this acquisition reflects our confidence in its digital future. The combination of complementary frequency and network assets will help us improve call quality and expand access to digital services that people and businesses use every day," said VEON Group CEO Kaan Terzioglu.

According to him, the company intends to direct investments toward improving the customer experience, increasing the efficiency of investments made in the network, and ensuring sustainable growth.

Beeline Uzbekistan CEO Yevgeniy Nastradin noted that Perfectum's frequency resources will complement the operator's existing assets.

"This acquisition gives us additional resources to meet the growing communication needs of our customers. Perfectum's frequency spectrum complements our existing resources and supports our plans to improve network coverage and capacity, introduce 5G services, and expand wireless broadband connectivity for homes and businesses," he said.

According to Nastradin, effectively integrating the acquired assets to provide significant improvements for subscribers will be a top priority.

VEON's statement did not specify whether the Perfectum brand will be retained after the deal is completed, nor what changes await the operator's current subscribers.

As a reminder, on August 18, during a meeting with President Shavkat Mirziyoyev in the Khorezm region, entrepreneur Farhod Mamajonov stated that agreements had been reached with VEON to attract a $200 million investment into a telecommunications project in Uzbekistan.

At that time, Mamajonov, a major shareholder of InfinBank and an investor in Perfectum, stated that the parties had agreed on the terms back in June, but permission from the Competition Development and Consumer Protection Committee was required to conclude the contract.

"In June, we reached all agreements; they are ready to sign the contract to attract a $200 million investment. We need help in obtaining the conclusion of the Competition Development Committee," the entrepreneur said at the time.

The Chairman of the Committee, Khalillillo Turakhodjayev, reported that the application for preliminary consent to the economic concentration transaction was received on July 24. According to him, the agency was studying the mobile communication market and reviewing the remaining issues.

At that time, President Shavkat Mirziyoyev promised to personally take the consideration of this issue under control.

Gazeta established that it might have been a matter of VEON acquiring a stake in Perfectum. However, the size of this stake was not disclosed at the time.

In July 2026, the Competition Development Committee approved the acquisition by Farhod Mamajonov of a 50 percent stake in the charter capital of Rubicon Wireless Communication, the legal entity of operator Perfectum.

According to state register data cited in August, after the change in ownership structure, the participants' shares were distributed as follows:

Perfectum was fully privatized at the beginning of 2024. Prior to that, 100 percent of the company belonged to Abdumalik Iminov.

In August 2024, Farhod Mamajonov informed the president about plans to launch a 5G Standalone network in Uzbekistan jointly with the British company Vodafone.

At that time, the total volume of investments in the project was estimated at 250 million euros, and the network was expected to launch in the first quarter of 2025.

Finnish company Nokia was supposed to participate as a supplier of equipment and technologies. It was planned to attract 100 million euros of the estimated financing volume through "Uzpromstroybank" with the support of the Finnish export agency, and another 150 million euros at the expense of the founders.

However, in August 2026, Mamajonov announced that the company had begun working with VEON instead of Vodafone.

VEON has been operating in the telecommunications market of Uzbekistan since September 2006 through "Unitel" LLC under the Beeline Uzbekistan brand. Shares of the international holding are traded on the American Nasdaq exchange.