Veon to Buy Uzbek Operator Perfectum for $207 Million

Veon agreed to pay about $207 million for Perfectum, Uzbekistan's smaller mobile operator, in a deal that lifts Beeline Uzbekistan's spectrum holdings by roughly 50% and folds a standalone Nokia-built 5G network into the group's local business.

The Amsterdam-headquartered group is buying 100% of Rubicon Wireless, which trades as Perfectum. The headline price includes around $93 million of Perfectum's existing debt. Completion is expected by the end of the month, with regulatory approvals already secured.

What does Veon actually get?

The answer is spectrum, mostly. Perfectum holds 115MHz across two bands:

• 850MHz — low-band capacity useful for wide-area coverage
• 3,800MHz — mid-band capacity suited to dense 5G throughput

The package also includes network equipment and a standalone 5G network built on Nokia technology. Veon said the extra spectrum will expand network capacity and support future 5G and fixed wireless access services.

There's an efficiency argument too. The companies expect expenditure savings and what Veon called improved "efficiency of future network investment" from merging Perfectum's network with Beeline Uzbekistan's existing infrastructure. Buying spectrum second-hand, rather than through an auction, tends to be cheaper. Here it comes attached to a working network.

Why Uzbekistan?

Veon frames Uzbekistan, a market of nearly 40 million people, as one of its core growth markets, with rising demand for connectivity and digital services. The group said the combined assets would widen broadband access to support 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," said Veon group CEO Kaan Terzioglu. He added that Veon aims to turn the deal into "stronger customer experiences, more efficient network investment and sustainable growth."

That's the marketing version. The commercial version is simpler: a 50% spectrum boost for roughly the price of two licences, plus a network that already runs.

The acquisition follows other Veon investments in Uzbekistan, including a financial services push with Mastercard. Regulators have already cleared the purchase, so the only remaining step is closing — expected before the end of this month, after which Beeline Uzbekistan can start integrating the 115MHz and planning its expanded 5G rollout.