The value of Turkcell's subsidiaries sold in Ukraine – the third largest Ukrainian mobile operator, Lifecell LLC (lifecell brand), contact center outsourcing company Global Bilgi LLC and tower rental service provider Ukrtower LLC accounted for on the date of closing of the relevant sale transaction is $525 million, Turkcell said in a statement.

"The final sale value will be determined within the framework of adjustments to be made including cash and debts after the closing," Turkcell said in connection with media reports.

The company added that due to the uncertainty of the sale price at the date of the decision, the disclosure of relevant information was postponed by a resolution of the Board of Directors dated December 20, 2023, as it may affect the investment decision of investors and the price of shares.

"The process is expected to be completed after obtaining the regulatory approvals," Turkcell said without specifying more detailed terms.

Earlier this week, Bloomberg reported that French billionaire Xavier Niel's NJJ Capital would pay at least $500 million for Turkcell's Ukrainian operations.

As reported, on December 29, 2023, Turkcell signed an agreement on the transfer of 100% of the shares, as well as all rights and debts of Lifecell LLC, Global Bilgi LLC and Ukrtower LLC to the French investment company NJJ Capital.

The Antimonopoly Committee of Ukraine returned the first application for approval of the transaction, since it did not meet the requirements established by the committee, but on January 23, the Committee received a second application from DVL Telecom, a member of the NJJ group. It is currently being analyzed by the committee.

According to market participants, a problem for completing the transaction may also be the partial seizure of shares of the companies being sold on charges against sanctioned Mikhail Fridman, who indirectly controls a minority stake in Turkcell.