Deals
MTS Exits Uzbekistan Venture Following U.S. Corruption Probe
- Majority stake in unit sold to Uzbek government agency
- Russian carrier to write down 3 billion rubles with deal
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Mobile TeleSystems PJSC, Russia’s largest wireless carrier, agreed to sell its majority stake in Uzbekistan’s Universal Mobile Systems to the Uzbek government, following a corruption probe by U.S. regulators.
Uzbekistan will now become the full owner after buying the 50.01 percent stake. MTS, as the Russian carrier is known, said it will write off about 3 billion rubles ($46 million) due to the sale in its third-quarter results.