The sanctioned oligarch Mikhail Fridman will not receive a single cent from the deal to sell the mobile operator lifecell to the investment company NJJ of the French billionaire Xavier Niel due to the prohibition contained in the transaction documents. This was stated by the General Director of Datagroup-Volya Mikhail Shelemba, Interfax-Ukraine reports.
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“Not a single cent from the sale of Turkcell assets in Ukraine will be transferred to sanctioned persons or companies controlled by them as a result of the agreement with NJJ. All parties to this agreement, both buyers and sellers, are legally obligated to strictly comply with international and Ukrainian legislation, including the current sanctions of the National Security and Defense Council,” Shelemba explained.
According to Shelemba, most likely, funds from the sale of assets in Ukraine will be used to finance capital expenditures on Turkcell’s main market in Turkey, in particular to repay debt obligations.
According to information released on March 20, Turkcell plans to invest almost $800 million during 2024 to expand its network and infrastructure in Turkey, including preparation for 5G, expanding fiber networks, increasing investments in renewable solar energy to 54 MW of installed capacity and increasing data processing by 9 .1 MW.
The principal amount of liabilities with interest for servicing Turkcell’s short-term debt in 2024-2025 is $1.8 billion.
Recall
Investment of the NJJ investment company , owned by the French billionaire Xavier Niel, in Datagroup-Volya-lifecell will amount to $1.5 billion – $525 million of this amount will be paid by Turkcell for lifecell assets in Ukraine.
In addition, on April 16, the Kiev Court of Appeal may make a final decision on Turkcell’s appeal against the seizure of part of the stake in lifecell and 100% in the subsidiaries Ukrtauer and Pacell.
If the telecom operator’s appeal is satisfied, the transaction for the purchase of lifecell assets by the French investment fund NJJ subject to receipt of final regulatory approvals, in particular from the Antimonopoly Committee, may be completed as early as May.
