Turkcell acquires remaining stake in Euroasia for $100 million
Turkcell has acquired the remaining 44.96% stake in Euroasia Telecommunications, which owns Ukrainian operator Astelit, for $100 million.
The operator, which already holds a 55% stake in Astelit through Euroasia, bought the stake from SCM Holdings. Astelit has operated in Ukraine since 2005 under the brand life:).
“At Turkcell, we had declared that we would be evaluating both organic and inorganic growth opportunities to strengthen our position in the countries where we operate,” said Kaan Terzioglu, CEO of Turkcell.
“In this context, we have taken the first major step in Ukraine. We believe that Ukraine will be a success story for Turkcell’s international operations and a pilot country as we transfer our experience to the region,” he said.
With the acquisition, the operator will seek to increase Astelit's contribution to the Turkcell Group, added Terzioglu.
Astelit presently has 13.9 million subscribers with a network coverage rate of 98.6% of the population. In February 2015, the company secured spectrum in an auction to offer 3G services in Ukraine.