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Kazakhtelecom sold its Kcell share to the Swedish company

22 december 2011, 17:55
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Kcell logo
Kcell logo
TeliaSonera bought 49% of the stake in GSM Kazakhstan Ltd Kazakhtelecom JSC (Kcell, Activ and Vegaline brands), Tengrinews.kz reports.

“The deal amounted to 1.5 billion dollars. The transaction required approval from regulatory authorities. It is expected that the deal would be finalized in the first quarter of 2012. TeliaSonera also confirmed that 25% minus one share would be sold via an initial public offering (IPO) at the stock market if the parties fulfill certain provisions. It is expected that the initial public offering will be made in 2012. There is a possibility that TeliaSonera would make an additional payment to Kazakhtelecom national company. It depends on the cost of shares after the initial public offering,” the company's press-release reads.

At present Fintur Holdings holds 51% and Kazakhtelecom national company holds 49% of GSM Kazakhstan Ltd Kazakhtelecom JSC . 58.88% of Fintur Holdings B.V. shares belong to TeliaSonera and 41.45% to Turkcell. TeliaSonera's stake in Kcell will make up 61.74% after two stages of the deal will be finalized.

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