TeliaSonera buys 49% stake in Kcell for $1.5 billion

By Telecom Lead Team: TeliaSonera
has bought 49 percent stake in GSM Kazakhstan (Kcell), from Kazakhtelecom, for
$1.519 billion.


Last year, TeliaSonera and
Kazakhtelecom signed
a binding memorandum of understanding regarding Kazakhtelecom’s intention to
conduct an IPO of GSM Kazakhstan.


TeliaSonera will sell 25 percent of
the shares minus one share in Kcell in an 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, Fintur
Holdings owns GSM Kazakhstan’s 51 percent stakes and TeliaSonera holds 49
percent. Fintur Holdings is owned by TeliaSonera (58.55 percent) and Turkcell
(41.45 percent). Once both steps of the transaction have been completed,
TeliaSonera’s effective ownership in Kcell will be 61.9 percent.


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