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.
“Due to a variety of business reasons and other circumstances, MTS decided to sell its stake in the joint venture UMS LLC,” MTS vice president Andrei Smelkov said in a statement on Friday.
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