TeliaSonera, the Swedish telecom company, on Monday completed divestment of its holding in the Nepali telecommunication operator Ncell to Axiata, a Malaysian telecom company.

In a press statement on Monday, TeliaSonera said that it has obtained approval of all relevant authorities to complete the divestment deal, which was first announced on December 21. “I am very pleased to announce the completion of our divestment of Ncell to Axiata,” CEO and President of TeliaSonera Johan Dennelind said in the statement. TeliaSonera said that it has completed the sale at an enterprise value of $1.03 billion for its 60.4 percent ownership of Reynolds Holding, which owns Ncell. “The transaction is subject to customary closing balance sheet adjustments based on net debt and net working capital,” the statement read.