Telia: sells Uzbekistan's Ucell stake as it leaves Eurasia
(CercleFinance.com) - Nordic telecoms group Telia has sold its stake in Uzbekistan's Ucell for 215 million dollars as part of its strategy to leave Eurasia and focus on the Nordic and Baltic regions.
"In financial terms the deal is not significant," analysts at Barclays commented.
"It does allow investor focus to move onto core operations," the broker said, though.
Telia became the majority owner in 2007, with the company changing its name into Ucell in 2008.
Barclays - which remains concerned about rising competition in Sweden and market share losses in Norway/Finland - hence maintains its "underweight" rating on the Telia share with a target price of 38 Swedish kronor.
The stock is currently down 0.7% at 41.3 Swedish kronor on the OMX Nasdaq market in Stockholm.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"In financial terms the deal is not significant," analysts at Barclays commented.
"It does allow investor focus to move onto core operations," the broker said, though.
Telia became the majority owner in 2007, with the company changing its name into Ucell in 2008.
Barclays - which remains concerned about rising competition in Sweden and market share losses in Norway/Finland - hence maintains its "underweight" rating on the Telia share with a target price of 38 Swedish kronor.
The stock is currently down 0.7% at 41.3 Swedish kronor on the OMX Nasdaq market in Stockholm.
Copyright (c) 2018 CercleFinance.com. All rights reserved.