Golden Telecom Inc said it has sold its stake in MCT Corp to TeliaSonera AB for up to US$48 million in cash.

TeliaSonera will pay US$38 million for the stake at closing and the remaining US$10 million after certain unspecified conditions are satisfied.

MCT owns a 99.97% stake in Uzbek-US joint venture Coscom, the third largest mobile operator in Uzbekistan.

The company also owns stakes in Tajikistan’s Indigo and Somoncom, which combined make up the second largest mobile operation in Tajikistan.

It also owns a 12.25% stake in Roshan in Afghanistan.

TeliaSonera earlier this month said it would acquire all of MCT Corp for 2 billion SEK or about US$300 million.