VEON Accelerates Telecom Market Consolidation in Uzbekistan, a Market of Nearly 40 Million People
Key Highlights
- ➤VEON agrees to acquire Perfectum for approximately $207 million, including $93 million debt
- ➤Perfectum contributes 115 MHz spectrum across 850 MHz and 3,800 MHz bands
- ➤Beeline Uzbekistan’s spectrum holdings expected to increase approximately 50%
- ➤Transaction completion expected by end of October after regulatory approvals
- ➤Perfectum operates a Nokia-equipped 5G standalone network in Uzbekistan
Expert Statements
Kaan Terzioglu, Group Chief Executive Officer of VEON
“Uzbekistan is one of VEON’s core growth markets, and this acquisition reflects our confidence in its digital future”
Kaan Terzioglu, Group Chief Executive Officer of VEON
“By combining complementary spectrum and network assets, we can deliver better connectivity and expand access to the digital services people and businesses use every day.”
Kaan Terzioglu, Group Chief Executive Officer of VEON
“Our focus is to turn this investment into stronger customer experiences, more efficient network investment and sustainable growth.”
Yevgeniy Nastradin, CEO of Beeline Uzbekistan
“This acquisition gives us additional resources to meet our customers’ growing connectivity needs”
Yevgeniy Nastradin, CEO of Beeline Uzbekistan
“Perfectum’s spectrum complements our existing holdings and will support our plans to strengthen coverage and capacity, introduce 5G services and expand wireless broadband for homes and businesses.”
Yevgeniy Nastradin, CEO of Beeline Uzbekistan
“Our priority is to integrate these assets effectively and translate them into tangible improvements for our customers.”
Strategic acquisition of Perfectum strengthens Beeline Uzbekistan’s competitive position, expands spectrum resources and creates new opportunities for growth in 5G, broadband and digital
Dubai, New York & Tashkent, [19 October 2026]– VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Company”), today announces that it has agreed to acquire 100% of Rubicon Wireless, the mobile network operator trading under the “Perfectum” brand, a mobile network operator in Uzbekistan.
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