lifecell sells mobile towers to Ukrtower for USD52m

22 Feb 2016

Turkish telecoms provider Turkcell has announced that it will carry out the sale and leaseback of 811 towers of lifecell (previously Astelit), its wholly-owned subsidiary in Ukraine, to its sister company Ukrtower for USD52 million. In order to undertake the transfer, Turkcell’s board of directors approved the increase of the charter capital of Ukrtower by ‘a minimum of the aforementioned amount.’

As previously reported by CommsUpdate, Turkcell gained full control of the unit in June 2015 by signing a share purchase agreement to acquire local partner SCM Holding’s 44.96% stake in the Ukrainian cellco, and in January 2016 it rebranded the operation lifecell. The company’s GSM network currently covers 98.6% of the Ukrainian population.