Turkcell cements position in Ukraine with Euroasia buy

Turkcell has bolstered its holding in Ukraine following its $100 million acquisition of a 44.96% stake in Euroasia Telecommunications.

The Turkish operator already held a majority stake in Euroasia’s Ukrainian unit Astelit, but has now taken full control of the parent company to increase its presence. Astelit, branded as life:), began offering 3G services in June after winning licences in February. It reportedly has around 2.3 million 3G customers.

“We believe that Ukraine will be a success story for Turkcell’s international operations and a pilot country as we transfer our experiences to the region,” said the operator’s new CEO Kaan Terzioglu. “With this acquisition, we pave the way towards boosting the momentum and increasing life’s contribution to Turkcell Group as a stronger player in the market.”

Astelit’s remaining stake is held by SCM Holdings, which has signed a share purchase agreement with Turkcell. The Turkish operator has not bought a major international operation since 2008, when it acquired Belarusian mobile operator BeST.

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