Malaysia’s Axiata buys Ncell’s 60 pc shares

KATHMANDU — Axiata Group Bhd, Malaysia’s largest mobile operator by market value, said on Monday that it has entered into an agreement to acquire Nepal’s biggest mobile operator in terms of market share for $1.37 billion.

TeliaSonera, owner of the Nepali mobile phone service provider Ncell, sold 60.4 percent share of the Ncell to the Axiata.

The deal, however, is yet to be approved from the Department of Industries in Nepal, Nepal Telecommunication Authority, Malaysian Central Bank and Axiata’s shareholders, respectively.

In its statement, the European telecom provider on Monday said it sold the shares worth USD 1,030 million to the Malaysia-based Asian telecom titan.

“Ncell had a net cash position of around USD 284 million, after purchase price adjustments, as of September 30, 2015, and TeliaSonera will be paid for the cash position at closing in proportion to its economic interest of 80.4 percent,” the statement said.