Telia has exited MegaFon by selling its remaining 19 percent stake to Russia’s third largest bank.
The Sweden-based operator has raised RUB60.4 billion (€890 million) from the sale to state-owned Gazprombank.
It follows the sale of another block of MegaFon shares earlier this month as Telia looks to make good on a promise to focus on operations closer to home.
Disposals helped Telia to record a net profit in Q3 on like-for-like sales that were down 0.5 percent.
Telia CEO Johan Dennelind (pictured) said: “After recently commencing our exit from MegaFon by placing 6.2 percent of our holding on the open stock market, this divestment now puts an end to Telia Company's ownership in MegaFon in accordance with our strategy to focus on the Nordics and Baltics.”
Gazprombank, which made no comment, joins Russian investment company USM as a major shareholder in MegaFon.
The operator, which has 77 million mobile customers, saw operating income jump 16 percent on revenues that grew 14 percent in its most recent results.
However, the company was forced to deny reports in September that CEO Sergey Soldatenkov was set to leave the company.
MegaFon announced plans to move away from focusing on telecoms services in May after acquiring the majority of voting rights in Russia-based internet company Mail.Ru.
Last week, it announced that it had promoted CFO Gevork Vermishyan to the role of Executive Director to help implement this strategy.
A company statement read: “This [appointment] will allow the CEO to focus particular attention on execution of large-scale infrastructure projects, and on interaction with the government and major corporate clients, the number of which has risen significantly, as well as on important projects which are part of the country’s digital agenda, all of which are matters which require the personal attention of the CEO.”