French billionaire acquires Ukrainian mobile operator Lifecell
Source: Horizon Capital
A consortium of investors led by French billionaire Xavier Niel has completed the acquisition of Lifecell, Ukraine’s third-largest mobile operator. The deal also involves a merger with Datagroup-Volia, Ukraine’s leading fixed telecom and pay TV provider, creating a comprehensive telecom platform.
Turkish company Turkcell, which previously owned Lifecell, confirmed that it closed the deal worth of $524.3 million. The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are backing the consortium with loans totaling $435 million to support the acquisition.
This deal follows a Kyiv court’s decision to lift the freeze on Lifecell shares, which were previously held by sanctioned Russian oligarch Mikhail Fridman whose company LetterOne reportedly had a 20% stake in Ukraine’s Lifecell.
The merger of Lifecell with Datagroup-Volia will create a platform offering both mobile and fixed-line services, as well as pay-TV. The newly formed entity is expected to serve approximately 10 million mobile users and over 4 million fixed-line customers.
The consortium is led by NJJ Holding, owned by Xavier Niel, founder of the European telecom group Iliad.
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