Turkcell Agrees To Buy 80% Of Belarus' BeST

July 2008 | Privatisation News Alert

Turkey's largest mobile telecommunications company Türkcell has entered into a sale and purchase agreement to buy an 80% stake in Belorusskaya Telekommunikatsionnaya (BeST). With interests in telecoms in Azerbaijan, Georgia, Kazakhstan, Tajikistan, Uzbekistan, Moldova, Northern Cyprus and the Ukraine, this is Türkcell's first foray in Belarus' telecoms market. Türkcell will pay an initial US$300mn upon deal closing and an additional US$100mn at the end of 2009 and 2010. It has also agreed to pay US$100mn the first time BeST records a full-year positive net income.

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