Fintur Holdings, jointly owned by Telia Company and Turkcell, has agreed to sell its 51.3 percent holding in Azertel, sole shareholder of Azerbaijan's biggest mobile operator Azercell, to the Azerbaijan state-owned operator Azintelecom. The agreed price is EUR 222 million.
This implies an equity value of EUR 432 million for 100 percent of Azercell and an enterprise value of EUR 197 million on a cash- and debt-free basis. The price corresponds to an EV/EBITDA multiple of 2.1x based on 2017 results.
Fintur is owned jointly by Telia Company (58.55 percent) and Turkcell (41.45 percent). The sale is part of Telia's plan to exit its operations in Eurasia in order to focus more on its Nordic and Baltic operations.
Prior to signing the sale transaction, Telia Company said it completed strict compliance and purchaser due diligence and is satisfied that all relevant checks and controls have been carried out with satisfactory results. The transaction is not subject to any conditions, such as regulatory or competition approvals, and has been completed.
