Telia, Turkcell sell stake in Azercell to Azintelecom

Telia, Turkcell sell stake in Azercell to Azintelecom

Telia, Turkcell sell stake in Azercell to Azintelecom

Fintur, jointly owned by Telia Company and Turkcell, has agreed to sell its 51.3 percent holding in Azertel, the sole shareholder of the Azeri telecommunications operator Azercell, to Azintelecom, a company wholly-owned by the Republic of Azerbaijan.

Fintur is owned jointly by Telia Company (58.55 percent) and Turkcell (41.45 percent).

“It is satisfying that we are able to announce a joint agreement with Turkcell to sell Azercell in Azerbaijan. This is the fourth divestment in our effort to, over time, leave Eurasia and focus on the Nordic and Baltic regions within the framework of our New Generation Telco strategy. I would like to thank Azercell’s employees for their outstanding contributions and wish them all the best in the company’s next phase,” said Johan Dennelind, president and CEO of Telia Company, in a statement on March 5.

Fintur is divesting its 51.3 percent holding in Azertel to Azintelecom, wholly-owned company by the Republic of Azerbaijan, according to the statement.

The transaction was made at the price of 221.7 million euros, Turkcell said in a statement to the Public Disclosure Platform (KAP) on March 5.

Telia has since 2015 exited four of seven countries in its so-called Eurasian unit: Nepal, Tajikistan, Georgia and now Azerbaijan. It still has operations in Uzbekistan, Kazakhstan and Moldova.

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