Turkcell struck a deal with investment company NJJ Capital to sell its units in Ukraine including operator Lifecell, with no reason provided for the rationale behind the sale.
In a statement, Turkcell revealed it had signed a share transfer agreement with NJJ Capital for the sale of its subsidiaries: mobile operator Lifecell; digital services provider Global Bilgi and tower company Ukrtower.
Financial details for the sale of all three units were not revealed, while Turkcell noted there was still “uncertainty involved in the transaction” and conditions would be determined at closing.
Bloomberg reported the nominal value of the shares sold for Lifecell stands at $333 million, which is by far the most valuable subsidiary of the three.
The sale comes a few months after Turkcell appointed former government minister Ali Taha Koc as its new CEO, replacing Bulent Aksu who served in the position for only 11 days.
While Turkcell is looking to reduce its presence in war-torn Ukraine, fellow European operator Veon has committed to invest $600 million over the next three years on infrastructure projects to help with the reconstruction of the country’s communications industry.
The post Turkcell agrees to sell Ukraine units appeared first on Mobile World Live.
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