Global telecoms group VEON has agreed to acquire 100% of Rubicon Wireless, which operates in Uzbekistan under the Perfectum brand, the company said in a statement today.
The total value of the deal is about $207 million, including the assumption of Perfectum’s outstanding financial debt of about $93 million. The figure therefore covers not only the cash consideration for the business but also its debt obligations.
VEON will fund the cash portion from its own resources. The group said the necessary regulatory approvals have already been obtained, and the acquisition is expected to close by the end of October 2026.
The deal gives VEON additional spectrum, network equipment and telecommunications infrastructure from Perfectum.
The operator’s assets include 115 MHz of spectrum in the 850 and 3800 MHz bands and a 5G Standalone (SA) network built with equipment from Finland’s Nokia.
VEON estimates the acquisition will increase Beeline Uzbekistan’s spectrum holdings by about 50%.
The company plans to use the new assets to expand coverage and capacity on its existing 4G/LTE network and to develop 5G and wireless broadband internet services for households and businesses. Integrating the two operators’ infrastructure is also expected to cut future capital and operating costs.
“Uzbekistan is one of VEON’s key growth markets, and this acquisition reflects our confidence in its digital future. Combining complementary spectrum and network assets will allow us to improve connectivity and widen access to the digital services that people and businesses use every day,” said VEON Group CEO Kaan Terzioglu.
He said the company intends to channel investment into improving customer experience, making network spending more efficient and ensuring sustainable growth.
Yevgeny Nastradin, CEO of Beeline Uzbekistan, said Perfectum’s spectrum would complement the operator’s existing assets.
“This acquisition gives us additional resources to meet customers’ growing connectivity needs. Perfectum’s spectrum complements our existing holdings and will support our plans to improve network coverage and capacity, roll out 5G services and expand wireless broadband for homes and businesses,” he said.
Nastradin said the priority would be integrating the acquired assets efficiently to deliver tangible improvements for subscribers.
VEON’s statement does not say whether the Perfectum brand will remain after the deal closes or what changes existing subscribers can expect.
The deal was flagged in August
On Aug. 18, businessman Farkhod Mamadjanov told President Shavkat Mirziyoyev at a meeting in Khorezm province that agreements had been reached with VEON to attract $200 million in investment for a telecoms project in Uzbekistan.
Mamadjanov, the largest shareholder of InfinBank and an investor in Perfectum, said the parties had agreed terms in June, but that approval from the Committee for Competition Development and Consumer Protection was needed to sign the agreement.
“In June we reached all the agreements, and they are ready to sign an agreement to attract $200 million in investment. We need help obtaining the conclusion of the Competition Committee,” he said.
Committee chairman Khalilillo Turakhujaev said an application for preliminary approval of the economic concentration deal was received on July 24. He said the agency had been studying the mobile market and working through remaining issues.
Mirziyoyev promised at the time to personally monitor the review.
The deal could involve VEON acquiring a stake in Perfectum, although the size of the stake was not disclosed at that point.
In July 2026, the Competition Committee approved Mamadjanov’s acquisition of a 50% stake in the charter capital of Rubicon Wireless Communication, the legal entity behind Perfectum.
According to state registry data that in August, ownership after the change was divided as follows:
- Farkhod Mamadjanov – 50%
- IMC-Capital LLC – 41.23%
- Kamron Akbarov – 8.77%
Perfectum was fully privatized in early 2024. Before that, Abdumalik Iminov owned 100% of the company.
In August 2024, Mamadjanov told the president of plans to launch a 5G Standalone network in Uzbekistan with Britain’s Vodafone.
Total investment in the project was then estimated at 250 million euros, with the network launch expected in the first quarter of 2025.
Finland’s Nokia was to supply equipment and technology. Of the planned financing, 100 million euros was to be raised through Uzpromstroybank with the support of Finland’s export agency, and another 150 million euros from the founders.
In August 2026, however, Mamadjanov said the company had begun working with VEON instead of Vodafone.
VEON is already present in Uzbekistan’s telecoms market through Unitel LLC, which has operated under the Beeline Uzbekistan brand since September 2006. The group’s shares trade on the Nasdaq in the United States.
