OSLO, Norway-Telenor acquired an additional 16.5 percent of Kyivstar GSM from Sputnik Funds for $66.46 million, the Norwegian operator said. The acquisition, made under a pre-existing option arrangement, gives Telenor a majority stake of 61.9 percent.
Telenor said Kyivstar is the Ukraine’s largest mobile operator with nearly 1.5 million users. Ukraine Mobile Communications, partially owned by KPN Mobile, TDC Group and Deutsche Telekom, is a strong competitor.
Telenor said the mobile penetration in Ukraine is about 6 percent.
“We consider Kyivstar GSM a well-run company,” said Arve Johansen, chief executive officer of Telenor Mobile. “Our acquisition is in line with the declared strategy of Telenor and our ambitions of further growth through majority position in our main international operators.”
