Turkcell announced an agreement to buy the rest of Ukraine mobile operator Life:) for USD 100 million from its local partner SCM Holdings. Turkcell will buy the remaining 44.96 percent in the Netherlands-based holding company Euroasia owned by SCM. Euroasia owns 100 percent of Astelit, which operates under the Life:) brand in Ukraine. In addition to buying the rest of Astelit, Turkcell is settling Astelit's debts with SCM and providing a guarantee for up to USD 66 million in bank credit for Astelit.
The acquisition of Astelit marks Turkcell's first major expansion abroad, and the company said it will use Ukraine as a pilot operation for possible further expansion in the region. Life:) is the third-largest mobile operator in Ukraine, with around 10.3 million active customers at the end of March. Following its launch of 3G services earlier this month, it already has 2.3 million customers on the UMTS network. The acquisition is expected to close within 30 days.
