ASTANA, Kazakhstan--(BUSINESS WIRE)--Turkcell (NYSE:TKC) (BIST:TCELL) has taken another big step in its vision of becoming the world’s leading digital operator. Company’s transformation strategy from an infrastructure provider to an international experience provider reached another milestone today, with the signing of a binding agreement with respect to the transfer of its shares in its 41.45% owned subsidiary Fintur Holdings B.V. ("Fintur") to Sonera Holding B.V. The transfer of shares is expected to be completed following the transfer of Fintur's subsidiary Kcell JSC to Kazakhtelecom and obtainment of other regulatory approvals. The final value of the transaction will be finalized following the respective adjustments. Based on the calculation over Fintur's financials as of November 30, 2018, the value of the transaction is anticipated to be approximately EUR 350 million. Following the transaction, Turkcell will continue focusing on investments providing growth through digital services in the global arena.
“An important step to become the world’s leading digital operator”
Turkcell CEO Kaan Terzioglu stated the following: "Here in Astana, we announce an important milestone towards our Company's focus on digital services and strong balance sheet strategies. We have been working for over one year on the divestment of Fintur, in which we are a minority shareholder. As a first step, Fintur sold Kcell. Following that, as Turkcell we signed a binding agreement with respect to the transfer of our shares in our 41.45% owned subsidiary Fintur to our partner Telia for approximately EUR 350 million. We anticipate that the cash proceeds from this transaction, which is expected to be completed in January 2019, will lower our Net Debt/EBITDA ratio below 1.5 times and our limited short FX position will turn into a long position. Subject to the FX rates and balance sheet position on the closing date, the contribution of this transaction to Turkcell's profitability is expected to be approximately TRY 850 million. We will continue investing in accordance with our digital services and growth focus with the proceeds generated through this transaction. We’ve been adopting ourselves to this new vision for almost 4 years. And this vision made us one of the fastest growing operators in the global market. In addition to our brand; our technology, digital services portfolio, human capital and our stronger than ever balance sheet will support our vision to become the world’s leading digital operator."