VEON Acquires Perfectum for $207 Million and Expands Beeline Uzbekistan's Spectrum Portfolio by 50%

VEON announced the acquisition of 100% of Rubicon Wireless, a mobile operator that operates in Uzbekistan under the Perfectum brand. The total transaction value is approximately $207 million, including approximately $93 million in assumed debt from Perfectum. The payment will be funded from VEON’s own resources.

Along with the operator, Beeline Uzbekistan will acquire 115 MHz of spectrum in the 850 MHz and 3,800 MHz bands, as well as modern network equipment and infrastructure, including a standalone 5G network built on Nokia equipment. According to the company’s estimates, Beeline Uzbekistan’s spectrum portfolio will grow by approximately 50%. This will provide the resources needed to develop 4G/LTE, future 5G services, and fixed wireless access.

“Uzbekistan is one of VEON’s key growth markets, and this transaction reflects our confidence in its digital future,” said Kaan Terzioğlu, CEO of the VEON Group. Beeline Uzbekistan CEO Evgeny Nastradin noted that Perfectum’s spectrum will complement existing frequencies and support plans for coverage, capacity, and the launch of 5G. The country’s market comprises approximately 40 million people.

VEON is a digital operator that operates in five countries and serves more than 150 million telecom subscribers and 228 million digital users; the company is listed on Nasdaq. Beeline Uzbekistan (Unitel LLC) has been operating under this brand since September 2006; it is part of the VEON Group and has a workforce of over 2,000 employees. Regulatory approvals for the transaction have been obtained, and the deal is expected to close by the end of October. Details are available on the VEON website.