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.*