Fintur Holdings divests stake in Azercell

6 Mar 2018

Fintur Holdings, which is jointly owned by Sweden’s Telia Company (58.55%) and Turkcell (41.45%), has sold its 51.3% stake in Azerbaijani cellco Azercell to Azintelecom (itself wholly owned by the Republic of Azerbaijan) for a fee of EUR222 million (USD273.5 million). President and CEO of Telia Company, Johan Dennelind said of the development: ‘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.’ The transaction was not subject to any conditions or regulatory approvals and has already been completed, Telia Company confirmed in a press release.

Azerbaijan, Azercell, Telia Company, Turkcell