Telecom

TeliaSonera, Altimo combine ownership interests in MegaFon, Turkcell

By ⋅ November 18, 2009 ⋅ Email This Post Email This Post ⋅ Post a comment

TeliaSonera and Altimo have agreed to combine their ownership interests by contributing their respective direct and indirect interests in Turkcell and Megafon, into a new company. The new company will be established in a western jurisdiction and listed on the New York Stock Exchange.

Together the companies hope to create an international operator, with over 90 million subscribers in Russia, Turkey and the CIS countries, and with well functioning corporate governance. The new company will focus on developing the operations of Turkcell and MegaFon as well as expanding into new emerging markets.

Once established, the new company will own a majority of the shares in both Turkcell and Megafon. AF Telecom, the third major shareholder in Megafon, is also invited to join the partnership.

Meanwhile, TeliaSonera and Altimo have agreed to collaborate and align their efforts to resolve all ongoing legal disputes between each of them and Cukurova Group to make the establishment of the new company possible.

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