March 5, 2018 / 10:09 AM / 3 months ago

BRIEF-Telia Company agrees to divest its interest in Azercell

March 5 (Reuters) - Telia:

* COMPANY AGREES TO DIVEST ITS INTEREST IN AZERCELL

* SAYS ‍FINTUR HOLDINGS B.V. (FINTUR), JOINTLY OWNED BY TELIA COMPANY AND TURKCELL, HAS AGREED TO SELL ITS 51.3 PERCENT HOLDING IN AZERTEL SOLE SHAREHOLDER OF THE AZERI TELECOMMUNICATIONS OPERATOR AZERCELL, TO AZINTELECOM, A COMPANY WHOLLY OWNED BY THE REPUBLIC OF AZERBAIJAN​

* SAYS ‍AGREED PRICE FOR FINTUR’S 51.3 PERCENT IN AZERTEL IS EUR 222 MILLION, WHICH IMPLIES AN EQUITY VALUE OF EUR 432 MILLION FOR 100 PERCENT OF AZERCELL AND AN ENTERPRISE VALUE OF EUR 197 MILLION ON A CASH AND DEBT FREE BASIS​

* SAYS ‍PRICE CORRESPONDS TO AN EV/EBITDA MULTIPLE OF 2.1X BASED ON 2017​

* SAYS ‍PRIOR TO SIGNING TRANSACTION, TELIA COMPANY COMPLETED STRICT COMPLIANCE AND PURCHASER DUE DILIGENCE AND IS SATISFIED THAT ALL RELEVANT CHECKS AND CONTROLS HAVE BEEN CARRIED OUT WITH SATISFACTORY RESULTS​ Source text for Eikon: Further company coverage: (Reporting by Stockholm Newsroom)

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