Telecommunications company Turkcell finalizes sale of its Ukrainian assets to DVL Telecom for approximately $540 million
Turkcell, a leading telecommunications company, has completed its exit from the Ukrainian market by selling its three subsidiaries—Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower—to DVL Telecom for a total cash consideration of $538.7 million on August 4, 2025.
The sale includes the complete transfer of ownership of all shares, rights, liabilities, and operational control of the three subsidiaries to DVL Telecom. This move effectively ends Turkcell’s presence in Ukraine.
The transaction also involves financial adjustments based on cash and net debt positions of the subsidiaries at closing. Following these adjustments, the final sale price was realized as $538.7 million.
The deal represents about 5.1% of Turkcell’s total assets and accounted for 17.1% of its consolidated revenue for 2023. This means Turkcell lost a significant revenue contributor as part of this exit. However, the company stands to benefit from the transaction, booking a substantial after-tax accounting gain of TRY 8.63 billion (Turkish Lira) and strengthening its balance sheet with hard-currency inflows from the cash proceeds.
The exit also removes Turkcell’s exposure to the geopolitical and currency exchange risks associated with operating in conflict-affected Ukraine, simplifying the group’s geographic footprint and reducing operational risks.
DVL Telecom, a company under NJJ Holding, will be responsible for continuing the operations of the subsidiaries as part of the acquisition agreement. They have taken over all operational responsibilities of the three subsidiaries.
The sale was made according to a filing with the Public Disclosure Platform (KAP). The reasons for Turkcell's exit from the Ukrainian market were not disclosed in the announcement.
It's important to note that Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower were Turkcell's most significant and strategic assets in Ukraine. The sale signifies Turkcell's complete withdrawal from the Ukrainian telecommunications market.
This development does not provide further details about the financing sources for Turkcell's long-term growth or the collaboration with Huawei. DVL Telecom, as the new owner, will carry forward the operations of these key Ukrainian telecommunications assets.
In light of the completion of the sale, DVL Telecom, under NJJ Holding, will assume operational control of Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower, which were Turkcell's major assets in Turkey's business partnership with Ukraine, particularly in the telecommunications industry and finance sector. This strategic move allows Turkcell to strengthen its balance sheet and reduce its geopolitical and operational risks, yet it implies a significant loss of revenue contributor.
