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On March 5, 2018, Azerbaijan International Telecom (AzInTelecom), the shares of which are fully owned by the state, and the company Fintur Holdings B.V., which was established in accordance with the legislation of the Netherlands, signed an agreement to sell 51.3 percent of the shares of Azertel Telekomunikasyon Yatırım Dış Ticaret A.Ş . (Azertel), which was established in the Republic of Turkey. Azertel is the sole founder of Azercell Telecom Limited Liability Company, a mobile operator in the Republic of Azerbaijan.
The shareholders of Fintur Holdings B.V are Telia Company AB registered in accordance with the legislation of Sweden and Turkcell İletişim Hizmetleri A.Ş. JSC registered in accordance with the legislation of the Republic of Turkey. Telia Company AB, which is the main shareholder of Fintur Holdings B.V. is in the process of withdrawing its business from the Eurasian region. This process also stipulates Telia Company AB's withdrawal from the Azerbaijani market. In order for Azercell to continue providing high-quality telecommunication services in the Azerbaijani market and to ensure the stable and competitive development of the market, AzInTelecom LLC held discussions with Telia Company AB and Turkcell İletişim Hizmetleri A.Ş. As a result of these discussions, an agreement was reached, according to which AzInTelecom LLC gained the right to purchase and sell Fintur Holdings B.V.’ shares in Azertel. Thus, with the signing of the contract, AzInTelecom LLC acquired a control packet of shares, which allows it to manage Azercell Telecom LLC.
The amount paid by AzInTelecom LLC for the purchase of shares fits to the price frame set by Ernst & Young, which was involved in the evaluation of Azercell Telecom LLC. AzInTelecom will remain the participant of Azercell until the decision on privatization of AzInTelecom’s shares in Azercell is made in accordance with the legislation of the Republic of Azerbaijan. AzInTelecom intends to maintain corporate governance and business activity values in Azercell Telecom and to improve the quality of services through the implementation of new generation technologies. This, undoubtedly, will help to increase the trust of Azercell Telecom LLC’s customers and business partners in the company.