International telecommunications holding VEON has reportedly signed a definitive agreement to acquire a 100% stake in Rubicon Wireless, the Uzbekistan-based operator functioning under the Perfectum brand. The total transaction value is estimated at approximately $207 million, which allegedly includes absorbing nearly $93 million in outstanding financial debt owed by Perfectum. Consequently, the headline figure encompasses both the equity purchase price and the assumption of substantial liabilities.
According to statements from the European-headquartered holding, the cash portion of the transaction will be funded through existing liquidity reserves, with regulatory approvals purportedly already secured. The acquisition is expected to reach completion by the end of October 2026. Through this buyout, VEON will allegedly gain control over additional radio frequencies, network hardware, and underlying infrastructure, including 115 MHz of spectrum across the 850 and 3800 MHz bands, alongside a 5G Standalone (SA) network built using technology from Finland's Nokia.
VEON management claims that the purchase will expand Beeline Uzbekistan's radio frequency resource capacity by roughly 50 percent. The company intends to utilize these newly acquired assets to supposedly improve the coverage and bandwidth of existing 4G/LTE networks while rolling out 5G services and wireless broadband solutions for residential and business clients. Nonetheless, market observers remain skeptical regarding the integration hurdles and potential capital expenditure burdens associated with merging legacy infrastructures.
VEON Group CEO Kaan Terzioglu asserted that Uzbekistan serves as a critical growth market, though analysts point to ongoing regulatory and economic pressures in the region. Meanwhile, Beeline Uzbekistan CEO Yevgeny Nastradin stated that the additional frequencies will complement current resources to meet rising connectivity demands. However, the corporate announcements notably omitted any clarity concerning the future of the Perfectum brand itself or the transition path awaiting its current subscriber base.
Source: www.gazeta.uz