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Swedish –Finnish state telecom giant, TeliaSonera enters multi billion business in Kazakhstan
Thursday, 22 December 2011
Telecom operator, TeliaSonera has signed an agreement with Kazakhtelecom to acquire 49 percent stake in GSM Kazakhstan, operating under the brand Kcell, for $ 1.519 million, approximately Skr10.4 billion.

The acquisition, which requires regulatory approval, is scheduled for completion in the first quarter of 2012 according to a statement from TeliaSonera.
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The agreement also means that TeliaSonera, provided that certain conditions are met, will sell 25 percent stake minus one share in Kcell in connection with an IPO expected to be implemented in 2012.

Depending on the share price performance after the IPO, Telia Sonera have to make an additional payment to Kazakhtelecom, the company said.

GSM Kazakhstan is owned today by Fintur (51 percent) and Kazakhtelecom (49 percent). Fintur is fully owned by TeliaSonera (58.55 percent) and Turkcell (41.45 percent). When both parts of the transaction is completed, Telia Sonera's effective ownership interest in Kcell will amount to 61.74 percent, according to the company.

"This transaction is another step forward in our strategy to increase ownership in core holdings, "said Kivisaari, head of TeliaSonera Eurasia.

"Kcell is the leading operator in Kazakhstan, the largest market in Central Asia and has shown strong growth. An IPO will make the company even more attractive, "he says further in the press release.
By Scancomark.se Team












































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