Ukraine has sold Ukrtelecom OJSC

More than two years ago, the previous government was planning to sell the national company Ukrtelecom. According to various expert estimates, the cost at that time was about 7-8 billion hryvnia. However, the privatization process has not gained momentum.



At the end of 2010, a tender for the privatization of the state-owned stake in Ukrtelecom was announced. However, considering the value of the share package, only one participant applied for participation - a subsidiary of the Austrian concern EPIC.

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On February 18, ESU received an agreement from the State Property Fund for the acquisition of a stake in Ukrtelecom OJSC in the amount of 92.79% of the capital of the joint-stock community for 10.5 billion hryvnia ($ 1.3 billion). The remaining 7% is owned by employees of the company, sold during preferential privatization.



Today, March 10, the authorized representative of ESU - Wolfgang Heritsch and the Head of the State Property Fund of Ukraine officially signed the contract for the sale of a controlling stake.



ESU is owned by Austrian concern EPIC. EPIC, in turn, is a financial consultant for companies such as Deutsche Telekom AG and France Telecom Group.



Currently, Ukrtelecom serves about 10 million fixed-line subscribers throughout the country, being a de facto monopolist with 80% market share, as well as over 630 thousand mobile subscribers under Utel TM.



UPD 1 According to WIKI , net profit for 2008 amounted to UAH 1 525.5 mln.



UPD 2 Official financial statements for 2010. Thank you star .