Private equity group, Epic Financial Consulting Gesellschaft, has signed a deal with the Ukrainian Property Fund to acquire a 92.79% stake in Ukrtelecom for $1.3 billion, Bloomberg reports. Vienna-based Epic deposited $126.1 million when it bid for Ukrtelecom last year and will pay the remaining $1.207 billion in two equal parts.
Ukrtelecom’s sale has been postponed since 1998 because of disputes between state agencies. Ukrtelecom, which is the biggest provider of fixed phones in Ukraine and operates over 10 million telephone lines, has outstanding debt of $160 million and $466.43 million.
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