Telia Company Completes Divestment of Kcell

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Telia Company and Fintur Holdings B.V. (Fintur), jointly owned by Telia Company and Turkcell, today completed the divestment of its holding in Kcell JSC, to the telecom operator Kazakhtelecom JSC, a company controlled by the government of the Republic of Kazakhstan through the sovereign wealth fund Samruk-Kazyna.

Telia Company has now in principle completed its exit from Eurasia.

On December 12, 2018, Telia Company and Fintur announced the divestment of their 75 percent holding in the leading Kazakhi telecommunications operator Kcell JSC (Kcell).

The parties today completed the transaction which had previously been approved by the anti-monopoly authority in Kazakhstan.

The agreed price for Telia Company’s (24 percent) and Fintur’s (51 percent) 75 percent in Kcell is USD 446 million, which impliesan enterprise value (EV) of USD 771 million for 100 percent on a cash and debt free basis. This price corresponds to an EV/EBITDA multiple of 5.0x based on the last twelve months per September 2018.