Turkcell, one of the largest network operators in Turkey, has announced the sale of its Ukrainian subsidiaries, as per its Board of Directors’ decision on the 20th of December 2023. A share transfer agreement was signed on the 29th of December 2023 for the transfer of all shares, along with all rights and debts, of lifecell LLC, Global Bilgi LLC, and Ukrtower LLC to NJJ Capital.
lifecell is the third largest network operator in Ukraine, while Ukrtower is a primary provider of network tower and infrastructure services to the Ukrainian telecoms industry. Global Bilgi LLC, the Ukrainian arm of Turkcell's Global Bilgi, is a local customer support and contact center solutions provider. According to Global Bilgi LLC, it is one of the three largest outsourcing contact centers in the country, with a 15% market share.
NJJ Capital is an investment firm controlled by Xavier Niel, telecoms tycoon and billionaire, who holds an extensive telecoms portfolio across Europe. Niel also owns Iliad, which is the parent company of Free, one of France's largest network operators. He recently purchased a 6% stake in Belgian operator Proximus, through Carraun, the parent company of Eir.
Turkcell stated that, due to the uncertainty involved in the transaction until the conclusion of the negotiations, disclosure of the sale agreement was postponed as per the Article-6 of the Capital Markets Board's Communiqué on Material Events Disclosure, as to not mislead investors and negatively impact the company bargaining power.
The majority of independent Board members have approved the Board decision for sale. The transaction will be completed upon obtaining necessary regulatory permissions. The nominal share value of the three entities are UAH 12711848745, UAH 47226374 and UAH 1964040941 respectively.
