Azercell goes fully private
The state-owned share of Azerbaijan's leading cellular provider
Azercell has been privatized. A relevant agreement was signed at
the State Committee on Property Management on Monday.
The share was offered to the other founder of the company, Turkey's
Azertel Telecommunication Investment Foreign Trade Co. Inc, and the
proposal was accepted. The acquisition makes the Turkish company
the sole proprietor of the cellular operator.
The shares that amount to 35.7% of Azercell's overall stock are
worth $180 million, according to the estimates drawn up in the
evaluation report and by major international consulting company
Ernst & Young.
The funds from the sale of assets will be transferred to the state
budget.
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