Kazakhtelecom JSC (KAS:KZTK) agreed to acquire 75% stake in Kcell Joint Stock Company (LSE:KCEL) from Telia Company AB (OM:TELIA) and Fintur Holdings B.V. on January 23, 2018. Kazakhtelecom JSC entered into an agreement to acquire 75% stake in Kcell Joint Stock Company from Telia Company AB and Fintur Holdings B.V. for approximately $450 million on December 12, 2018. Kazakhtelecom will acquire 51% stake from Fintur and 24% stake from Telia Company. In a related transaction, Telia Company AB also entered into an agreement to acquire remaining 41.45% stake in Fintur Holdings B.V. from Turkcell on December 12, 2018. Kazakhtelecom JSC has applied on Kazakhstan's antitrust committee for permission to buy 75% stake in Kcell Joint Stock Company. As of March 26, 2018, the decision of antitrust committee is expected to be announced on April 8, 2018. As on July 11, 2018, Kazakhstan's Antimonopoly Committee approved the transaction and The Antimonopoly Committed obligated Kazakhtelecom JSC to preserve the existing brands Kcell and Activ. The divestment is expected to complete in December 2018. Sullivan & Cromwell LLP acted as legal advisor and UBS acted as financial advisor to Telia Company. JPMorgan Chase & Co. acted as financial advisor to Kazakhtelecom JSC. Maxim Telemtayev, Tatyana Lee, Assel Meiramgaliyeva, and Alikhan Baizakov of White & Case Kazakhstan LLP and Cleary Gottlieb Steen & Hamilton acted as legal advisor to Kazakhtelecom JSC.

Kazakhtelecom JSC (KAS:KZTK) completed the acquisition of 75% stake in Kcell Joint Stock Company (LSE:KCEL) from Telia Company AB (OM:TELIA) and Fintur Holdings B.V. on December 21, 2018.