Divestment of Geocell completed

Divestment of Geocell completed

Divestment of Geocell completed

The FINANCIAL -- Fintur Holdings B.V. (Fintur), jointly owned by Telia Company and Turkcell, on March 20 completed the divestment of its holding in Geocell LLC, to the Georgian telecommunications company JSC Silknet.

On 26 January, 2018, Telia Company and Turkcell announced the divestment of 100 percent of its holding in Geocell LLC.

After obtaining approvals from all relevant authorities, the parties today completed the transaction where Fintur’s Turkish subsidiary Gürtel Telekomünikasyon Yatirim ve Dis Ticaret A.S. (Gürtel), divested its 100 percent holding in Geocell LLC (Geocell) to JSC Silknet, Georgia’s largest fixed network operator. Gürtel is owned by Fintur (99.9 percent) and four minority shareholders.

The transaction price for Geocell is based on an enterprise value of USD 153 million for 100 percent of the company. The price corresponds to an EV/EBITDA multiple of 4.5x based on 2017, according to Telia.