Fintur Holdings, jointly owned by Telia Company and Turkcell, has completed the sale of 100% of its holding in Georgian mobile operator Geocell to SilkNet, the country’s leading fixed line and broadband operator, for USD153 million. The deal was first announced in January and has received approval from all relevant regulatory authorities. Under the terms of the transaction, Fintur’s Turkish subsidiary Gurtel Telekomunikasyon Yatirim ve Dis Ticaret (Gurtel) divested its 100% holding in Geocell to SilkNet. Gurtel is owned by Fintur (99.9%) and four minority shareholders.
In a statement on its website, SilkNet said the combined company will be able to offer a wider choice of products and services to Georgian consumers, including broadband internet, cable TV, fixed line and mobile telephony. Geocell had just over two million subscribers at the end of 2017, notes TeleGeography’s GlobalComms Database, giving it a wireless market share of 33.4%.