Telia and Turkcell have sold their 51.3 percent stake in Azercell to Azintelecom, a company wholly owned by the Republic of Azerbaijan.

The two operators’ Fintur Holdings vehicle, in which Telia was the majority shareholder with a 58.55 percent stake, has made €222 million from the sale.

The deal is not subject to any regulatory or competition approvals and so has already been completed.

Telia registered an impairment charge worth SEK2.6 billion (€255 million) against Azercell in December 2017 and said a further SEK3 billion in foreign exchange losses would be added to its bottom line.

However, the latter would have “no material effect on group equity”, Telia said.

“This is the fourth divestment in our effort to, over time, leave Eurasia and focus on the Nordic and Baltic regions within the framework of our New Generation Telco strategy,” said Telia President and CEO Johan Dennelind.

“I would like to thank Azercell’s employees for their outstanding contributions and wish them all the best in the company’s next phase.”

[Read more: Sell-offs drive profits at Telia, but revenue growth remains stuck in first gear]

Meanwhile, Telia’s opco in Lithuania has won a deal to lease and manage computer hardware for one of the country’s banks.

The deal with Šiaulių Bankas, which operates in 37 towns and cities, includes workstations, software updates and security services.

Telia Lithuania CEO Kęstutis Šliužas said the offering was “a completely new service” that the telco is providing.

Financial details of the deal were not disclosed.

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