Russian group MTS agreed to sell its subsidiary Vodafone Ukraine to Azerbaijan's Bakcell for $734 million. The move is a part of a broader strategy focusing on expanding its digital services play.
MTS president and CEO Alexey Korny said in a statement that the deal advances the company’s aim of building innovative digital services on top of a strong telecoms foundation. He also noted that Ukraine was a minor concern for the operator, which derives 90% revenue from Russia. MTS used the Vodafone brand since 2008 under a licensing deal.
“The acquisition advances our international expansion plans. Vodafone Ukraine’s business situation, rate of growth and effective performance ensure a reliable basis for further development. Therefore, we are ready to invest in order to implement innovations and advanced technology in Ukraine,“ said Yusif Jabbarov, СЕО of Bakcell parent company NEQSOL.
Vodafone said that the sale won’t impact their operations in Ukraine. “All tariff plans, services and products will remain intact after the transaction is finished,“ Vodafone said in a statement.
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