According to a company announcement on October 19, the transaction includes the assumption of about $93 million in Perfectum’s financial liabilities. VEON will finance the purchase from its existing resources. The necessary regulatory approvals have already been obtained.
Perfectum’s assets include 115 MHz of spectrum in the 850 MHz and 3,800 MHz bands, network equipment and an independent 5G network built using Nokia technology.
VEON expects the acquisition to increase Beeline Uzbekistan’s spectrum holdings by nearly 50%. The group plans to use the additional resources to expand network coverage and capacity and develop 5G services and fixed wireless internet for households and businesses. Integrating Perfectum’s assets into Beeline’s network is also expected to help optimize capital investment and operating costs.
Perfectum was privatized in 2024, and reports in March that year said entrepreneur Abdumalik Iminov owned the entire company.
In August 2026, Perfectum founder Farhod Mamajonov told an open dialogue with President Shavkat Mirziyoyev that an agreement had been reached with VEON for $200 million. He also asked for assistance in obtaining approval from the Competition Committee.
