The key facts

  • VEON is acquiring 100% of Rubicon Wireless (Perfectum) for approximately $207 million, including about $93 million of debt; closing is expected by the end of October 2026.
  • The assets include 115 MHz of spectrum in the 850 and 3800 MHz bands and a 5G Standalone network built on Nokia equipment; Beeline Uzbekistan's frequency resources will grow by about 50%.
  • The deal was preliminarily approved by the Competition Development Committee; earlier, Perfectum had planned to develop 5G with Vodafone.

Purchase agreement

International telecommunications holding VEON, which owns the Beeline brand in Uzbekistan, announced on October 19 the signing of an agreement to acquire 100% of Rubicon Wireless, which operates in Uzbekistan under the Perfectum brand. The total deal value is about $207 million, including the assumption of Perfectum's outstanding financial debt of approximately $93 million. VEON will finance the cash portion with its own funds. According to the company, all necessary regulatory approvals have already been obtained, and completion of the acquisition is expected by the end of October 2026.

What Beeline Uzbekistan will gain

As a result of the deal, VEON will receive radio frequencies, network equipment and Perfectum's telecommunications infrastructure. The assets include 115 MHz of spectrum in the 850 and 3800 MHz bands, as well as a 5G Standalone (SA) network built on equipment from Finland's Nokia. According to VEON's estimate, the acquisition will increase Beeline Uzbekistan's frequency resources by about 50%. The company expects to expand 4G/LTE network coverage and capacity, develop 5G services and wireless broadband internet access for consumers and businesses, and reduce future capital and operating expenses by integrating the two operators' infrastructure.

Statements from executives

VEON Group CEO Kaan Terzioglu called Uzbekistan one of the company's key growth markets and said that combining complementary frequency and network assets would improve service quality and expand access to digital services. Beeline Uzbekistan CEO Evgeny Nastradin noted that Perfectum's spectrum would complement the operator's existing resources and support plans to improve coverage, introduce 5G and expand wireless broadband access; he named effective integration of the assets as a priority. VEON's statement does not specify whether the Perfectum brand will remain after the deal or what changes await existing subscribers.

Context: deal approval and Perfectum ownership

On August 18, entrepreneur Farkhod Mamajanov (majority shareholder of InfinBank, founder of Uztex Group), at a meeting with President Shavkat Mirziyoyev, reported agreements with VEON to attract $200 million in investments into a telecommunications project in Uzbekistan. According to him, the terms had been agreed back in June, but approval from the Competition Development Committee was required. Committee chairman Khalilillo Turakhujayev said the application for preliminary consent to the economic concentration deal was submitted on July 24. The president promised to personally oversee the review of the matter. In July 2026, the committee approved Mamajanov's acquisition of a 50% stake in the charter capital of Rubicon Wireless Communication, concluding there were no risks to the competitive environment. According to the state registry cited by Gazeta in August, the shares were distributed as follows: Farkhod Mamajanov — 50%, IMC-Capital LLC — 41.23%, Kamron Akbarov — 8.77%. Spot.uz notes that IMC-Capital and Akbarov are shareholders of the Unified Republican Processing Center (Uzcard). Perfectum was fully privatized in early 2024; before that, 100% of the company belonged to Abdumalik Iminov. According to Kun.uz as of March 2024, before privatization 65% of the operator belonged to State Assets and 35% to the US-registered company Amis Protrade International.

Earlier: 5G plans with Vodafone

In August 2024, Mamajanov told the president about plans to launch a 5G Standalone network in Uzbekistan together with Britain's Vodafone. Investment in the project was then estimated at 250 million euros, with launch expected in the first quarter of 2025 and Nokia as the equipment supplier. Of the planned financing, 100 million euros were to be raised through Uzpromstroybank with support from Finland's export agency, and another 150 million euros from the founders. However, in August 2026, Mamajanov said that instead of Vodafone the company had begun working with VEON. VEON has been present in the Uzbek market through Unitel LLC, operating under the Beeline Uzbekistan brand since September 2006; the holding's shares are traded on the Nasdaq exchange.