Bakcell completes purchase of Vodafone Ukraine

Azerbaijani mobile operator Bakcell – part of the Neqsol group – has completed the USD734 million takeover of Vodafone Ukraine from Russia’s Mobile TeleSystems (MTS), which was agreed on 25 November. Neqsol Holding – wholly owned by Nasib Hasanov – announced the completion of the 100% share purchase of Vodafone Ukraine (registered as VF Ukraine) yesterday (3 December) via financing from a group of international banks and institutional investors led by JP Morgan Securities and Raiffeisen Bank International.

Mr Hasanov stated: ‘With the acquisition of one of the most successful companies in Ukraine, we pursue our strategy of international expansion. As a strategic investor we have a long-term vision and will contribute to further development of the company.’ Yusif Jabbarov, of Neqsol Holding, added: ‘This is the next significant milestone in our strategy of international expansion and entering new markets … We will invest in implementation of cutting-edge technologies and innovations in the Ukrainian telecommunication market.’ Neqsol’s statement also said: ‘the change of owner will not affect Vodafone Ukraine’s operations.’