Kazakhtelecom’s $446 Million Acquisition of Kcell


White & Case and Cleary advised Kazakhtelecom JSC, Kazakhstan’s state-controlled telecommunications company, on the acquisition of a 75 percent stake in Kcell JSC, the leading mobile operator in Kazakhstan which is listed on the London Stock Exchange (LSE) and the Kazakhstan Stock Exchange (KASE).

Kazakhtelecom has acquired Kcell from Telia Company and Fintur Holdings B.V., following the signing of an agreement under which it acquires 24 percent of the shares in Kcell from Telia Company, and 51 percent from Fintur Holdings.

Kazakhtelecom is Kazakhstan’s largest telecommunications company, controlled by the government through sovereign wealth fund Samruk-Kazyna. Kcell is the leading mobile operator in Kazakhstan, with shares listed on the LSE and KASE since 2012. Telia Company is the main mobile operator in Sweden and Finland. Fintur Holdings B.V. is jointly owned by Telia Company and Turkcell.

The White & Case team in Astana which advised on the transaction was led by corporate partner Maxim Telemtayev with support from associates Tatyana Lee, Assel Meiramgaliyeva, and Alikhan Baizakov.

The White & Case team acted as co-counsel to Kazakhtelecom alongside Cleary Gottlieb Steen & Hamilton.

Involved fees earner: Alikhan Baizakov – White & Case; Tatyana Lee – White & Case; Assel Meiramgaliyeva – White & Case; Maxim Telemtayev – White & Case;

Law Firms: White & Case;

Clients: Kazakhtelecom JSC;