Turkcell completes consolidation of 100% in Astelit

17:27, 10.07.2015 1 min read

Turkish telecommunications company Turkcell has completed the purchase of a 44.96% stake in Euroasia Telecommunications Holding from financial and industrial group System Capital Management (SCM) belonging to businessman Rinat Akhmetov.

The deal cost $100 million, according to a report by the Turkish company. Previously, Turkcell held a 55.04% stake in Euroasia Telecommunications, which owns Astelit mobile operator (the life:) brand).

Turkcell expects the consolidation of Astelit to contribute to a more effective management of the company, give it greater flexibility in investing and making the Ukrainian operator a stronger player in the long term.

Astelit LLC in February 2015 became the winner of the first lot of licenses for UMTS (3G) communications. The license cost the operator UAH 3.355 billion.

Earlier, experts had told Interfax that Turkcell is likely to continue buying mobile assets in the Ukrainian market. The next acquisition target may be 3Mob mobile operator, a subsidiary of Ukrtelecom.