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Turkcell Increases Investment in Ukraine

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Turkey based Turkcell has announced that it is buying out its minority partner in a Ukranian subsidiary for USD100 million.

Turkcell currently owns 55.04% of the Ukranian mobile network, Astelit, which trades under the "Life :)" brandname.

As part of the deal, Turkcell is paying USD100 million for the outstanding shares, which are held by SCM Holdings through a Netherlands subsidiary. That stake is ultimately owned by one of Ukraine's richest oligarch, Rinat Akhmetov.

Akhmetov also owns the country's largest landline telecoms operator, Ukrtelecom.

Turkcell CEO Kaan Terzioğlu stated, "As Turkcell, we had declared that we would be evaluating both organic and inorganic growth opportunities to strengthen our position in the countries where we operate. In this context, we have taken the first major step in Ukraine. We believe that Ukraine will be a success story for Turkcell's international operations and a pilot country as we transfer our experience to the region."

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Tags: turkcell  astelit  Ukraine