Veon agreed a deal to acquire Uzbekistan mobile operator Perfectum for around $207 million, in a move designed to boost its spectrum holdings and accelerate 5G deployment in the country.

The group stated it had reached an agreement to buy 100% of Rubicon Wireless, which operates under the Perfectum brand. The deal includes around $93 million in existing Perfectum debt. Completion is expected by the end of the month, with regulatory approvals already secured.

The acquisition brings fresh spectrum and network infrastructure into Veon’s regional telecoms business, Beeline Uzbekistan. Perfectum holds 115MHz of spectrum across the 850MHz and 3,800MHz bands, alongside network equipment and a standalone 5G network deployed using Nokia technology.

Veon said the acquisition would increase Beeline Uzbekistan’s spectrum holdings by around 50%, giving the operator additional resources to expand network capacity and support future 5G and fixed wireless access services.

The companies also anticipate expenditure savings and improved “efficiency of future network investment” from integrating Perfectum’s network with Beeline Uzbekistan’s existing infrastructure.

The deal adds to Veon’s investments in Uzbekistan, a market of nearly 40 million people where demand for connectivity and digital services is apparently booming. The group said the combined assets would enable broader access to broadband to support mounting demand for financial services, digital applications and sovereign AI across the country.

“Uzbekistan is one of Veon’s core growth markets, and this acquisition reflects our confidence in its digital future,” noted Veon group CEO Kaan Terzioglu, adding the company aims to turn the deal into “stronger customer experiences, more efficient network investment and sustainable growth”.

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