Swedish telecommunications behemoth TeliaSonera AB (OMX: TLSN) has agreed to acquire an additional 49 percent of the shares in GSM Kazakhstan LLP (Kcell) from Kazakhtelecom for 1.519 billion USD. Kcell is one of the three GSM operators in Kazakhstan. TeliaSonera already owned a sizeable portion in Kcell as the majority owner of Kcell (51%) is Fintur Holdings B.V. and Fintur is owned by TeliaSonera (58.55%) and Turkcell (41.45%). TeliaSonera also owns 38% of shares in Turkcell.
In September TeliaSonera signed a binding MoU with Kazakhtelecom regarding the latter’s intention to conduct an Initial Public Offering in Kcell. Government of Kazakhstan is eager to further develop Kazakhstani stock market. In connection with this latest development, TeliaSonera has agreed subject to certain conditions to sell 25 percent of the shares (minus one share) in an IPO expected to be completed in 2012. Debending on how the IPO is priced, TeliaSonera might make an additional payment to Kazakhtelecom.
TeliaSonera already has managerial and operational control in Kcell before the transaction and the company is considered as a core operation. The deal is subject to regulatory approval is expected to be completed in Q1 2012. TeliaSonera is trading relatively unchanged in the early session.
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