VEON to Acquire Perfectum in Uzbekistan for US$207 Million

Tashkent, Uzbekistan (UzDaily.uz) — International digital operator VEON Ltd. has agreed to acquire 100% of Rubicon Wireless, which operates in Uzbekistan under the Perfectum brand, for US$207 million. The deal will strengthen Beeline Uzbekistan’s market position, expand its spectrum resources and create additional opportunities for developing 5G networks and broadband internet services, VEON said on 19 October 2026.

The total acquisition value is approximately US$207 million, including Perfectum’s financial debt of around US$93 million, which the buyer will assume. The transaction is expected to close by the end of October 2026. The necessary regulatory approvals have already been obtained, and VEON will finance the acquisition from its own cash resources.

Perfectum holds 115 MHz of radio frequency spectrum in the 850 MHz and 3,800 MHz bands, along with network equipment and telecommunications infrastructure. Its assets include a 5G Standalone network built using Nokia equipment.

VEON estimates that the transaction will increase Beeline Uzbekistan’s spectrum resources by approximately 50%. This will enable the operator to expand network capacity and coverage and prepare its infrastructure for the introduction of fifth-generation mobile services.

The combination of network assets is also expected to support the development of 4G/LTE technologies, fixed wireless access and digital services. The company expects integrating Perfectum’s infrastructure with Beeline Uzbekistan’s existing network to improve the efficiency of future investments and generate synergies in capital and operating expenditure.

VEON links the acquisition to growing demand for digital and financial services in Uzbekistan. The company also expects the deal to expand opportunities for deploying sovereign solutions in augmented artificial intelligence.

“Uzbekistan is one of VEON’s key growth markets, and this acquisition reflects our confidence in the country’s digital future. Combining complementary spectrum resources and network assets will help improve connectivity and expand access to digital services used daily by people and businesses,” VEON CEO Kaan Terzioglu said.

He added that the company intends to direct investments towards improving customer service, increasing the efficiency of network investment and ensuring sustainable business growth.

Beeline Uzbekistan CEO Eugene Nastradin said Perfectum’s spectrum would complement the operator’s existing resources and help implement plans to expand network coverage and capacity.

“Our priority is to integrate these assets efficiently and deliver tangible improvements for customers,” he said.

VEON operates in the telecommunications and digital services markets and considers Uzbekistan one of its key areas for future growth.