TeliaSonera has completed the first phase of its previously announced transaction to increase ownership in GSM Kazakhstan LLP, operating under the brand Kcell, by acquiring a 49 % stake in the company from Kazakhtelecom.
Following regulatory approvals, TeliaSonera acquired the 49% stake from Kazakhtelecom, at a purchase price of USD 1.519 billion, in line with the initial announcement. TeliaSonera has further agreed, subject to certain conditions, to sell 25 percent of the shares minus one share in Kcell in an Initial Public Offering (IPO). The IPO process has been initiated, and is expected to be completed during 2012. Depending on the share price development after the IPO, TeliaSonera may have to make an additional payment to Kazakhtelecom.
After the transaction, GSM Kazakhstan LLP is owned by Fintur Holdings (51%) and TeliaSonera (49%). Fintur Holdings B.V. is owned by TeliaSonera (58.55%) and Turkcell (41.45%). Once both steps of the transaction have been completed, TeliaSonera’s effective ownership in Kcell will be 61,9%.
Previous announcement regarding this transaction were released on September 21 and December 22, 2011.
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