10 Feb 2021 16:37

Megafon entering Uzbek market, creating JV with Usmanov's USM, local partners

MOSCOW. Feb 10 (Interfax) - Megafon , Alisher Usmanov's USM Telecom, and partners from Uzbekistan are creating the joint venture Digital Holding, the parties said in a joint statement.

Digital Holding will include telecoms operator Ucell, as well as USM's Uzbek assets CRPT Turon and ICS Holding Uzbekistan.

The country's government will contribute 100% of Ucell through the Uzbek State Assets Management Agency (UzSAMA). UzSAMA will receive a 49% stake in the JV, while 51% will be held by entities of Digital Invest, which Megafon and USM Telecom have created on a parity basis.

Prior to the deal, Megafon only operated in Tajikistan outside of Russia.