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In December, Turkcell (parent company of lifecell) announced the sale of Ukrainian assets to the French NJJ Capital – the transaction amount is estimated at $525 million, but it cannot be closed for three months due to the arrest of 19.8% of corporate rights in lifecell (the reason is the presence of the sanctioned Russian businessman Mikhail Fridman and his partners among the indirect shareholders of Turkcell).
The Antimonopoly Committee of Ukraine (AMCU) rejected the first application in early January, and also returned the second on March 7 – on the same day lifecell filed an appeal.
“I don’t question the court’s decision itself—I’m also a lawyer. But how did they decide that 19.8% of our shares will be frozen due to the fact that Friedman’s company indirectly has 19.8% in Turkcell? I cannot solve this equation purely from a mathematical point of view, because those who were not arrested have 80 % of lifecell is still indirectly 19.8% of Fridman’s company,” says lifecell CEO Ismet Yazici in an interview with Forbes.
At the same time, he added that there is hope that the agreement will be closed in April-September 2024, and in the most optimistic scenario – at the end of March.
“Closing the deal at the end of the year is a rather pessimistic scenario. The company is essentially in limbo, people are working under great pressure. Of course, top management will do everything to motivate the team.”
Recall that a few days after the announcement of the agreement, Yazici announced that he would resign – now he says that he was ready to resign a year ago, but did not dare to do so because of the war: < /p>
“My new position has already been determined. I don't really want to work with the new owners. After preliminary discussions, it turned out that there is no common vision of the strategy for further development and conditions.”
In addition to lifecell, NJJ is also acquiring Datagroup-Volia (the transaction amount is estimated at more than $100 million), so a potential merger of companies is possible:
“The French call this company DVL – Datagroup, Volia, lifecell. In this equation, lifecell is the strongest company in terms of revenue, infrastructure and smooth processes. lifecell can truly become a common denominator for the merged company. But the final decision is up to the buyers. As far as I understand, they are considering another option. Perhaps this is one of the reasons why I do not want to stay in the company after the deal is closed,” says Yazici.
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