Tele2: initiates sale of stake in Kazakhstan joint venture
(CercleFinance.com) - Tele2 has initiated the sale process of its 49% stake in its joint venture with Kazakhtelecom in Kazakhstan, the Swedish telecoms firm said on Monday.
The move comes after Kazakhtelecom announced earlier this month that it has signed an agreement to acquire Kcell from Telia, triggering the possibility for Tele2 to exercise its put option and sell its shares due to "non-compete clauses."
In 2016, Tele2 formed the joint venture with Kazakhtelecom, starting an "exceptionally successful cooperation" which has created a "quickly growing business with strong profitability," the operator said.
The joint venture in Kazakhstan represents around 9% of the revenue of the group. Closing is expected in approximately six months.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The move comes after Kazakhtelecom announced earlier this month that it has signed an agreement to acquire Kcell from Telia, triggering the possibility for Tele2 to exercise its put option and sell its shares due to "non-compete clauses."
In 2016, Tele2 formed the joint venture with Kazakhtelecom, starting an "exceptionally successful cooperation" which has created a "quickly growing business with strong profitability," the operator said.
The joint venture in Kazakhstan represents around 9% of the revenue of the group. Closing is expected in approximately six months.
Copyright (c) 2018 CercleFinance.com. All rights reserved.