Kazakhtelecom acquired 75% stake in KCell from Telia and Fintur for $446m.

Kazakhtelecom, a company controlled by the government of the Republic of Kazakhstan through the sovereign wealth fund Samruk-Kazyna, acquired KCell, the leading Kazakhi telecommunications operator, from Telia, a Swedish dominant telephone company and mobile network operator, and Fintur, a Dutch telecommunications firm jointly owned by Telia Company and Turkcell. The agreed price for Telia Company’s and Fintur’s 75% in Kcell is $446m. Prior to signing the Kcell transaction, Telia Company has completed strict compliance and purchaser due diligence and is satisfied that all relevant checks and controls have been carried out with satisfactory results. Kazakhtelecom is a buyer that meets Telia Company’s requirements. “I’m glad to announce that we have entered into an agreement to divest our and Fintur’s stake in Kcell, thereby in all material aspects completing the journey of exiting Eurasia. It has been a complex process with many interests and considerations, but we are now pleased with the completion of this process. I want to extend my deepest gratitude to Kcell’s employees for all their hard work and the commitment to customers and shareholders that they have shown. As part of the closure, we have today also agreed with Turkcell on the dismantling of our jointly owned holding company Fintur, enabling Telia Company to repatriate the cash from Fintur. This marks an important milestone in Telia Company’s history,” says Johan Dennelind, President and CEO of Telia Company.