The acquisition of Datagroup-Volia and Lifecell by NJJ Consortium led by Xavier Niel has been completed, with Turkcell receiving $524.3 million for its Ukrainian assets at the final stage on Monday.

"NJJ Holding, an investment company founded and wholly owned by Xavier Niel, founder of the European telecommunications group Iliad, announced the acquisition of Datagroup-Volia, a leader among fixed-line and pay TV providers, as well as Lifecell, the third largest and fastest growing mobile operator," the press service of Horizon Capital private equity fund reported on Monday.

The deal was completed after all preliminary conditions were met, including obtaining the necessary regulatory approvals, the statement said.

It is stated that NJJ Consortium, the American private equity firm Horizon Capital led by Lenna Koszarny, together with CEO of Datagroup-Volia Mykhailo Shelemba, will create a converged telecommunications platform based on Datagroup-Volia and Lifecell, aimed at expansion, growth and investment.

The deal is the first significant investment by the new market participant and strategic investor since the full-scale invasion, the statement emphasizes.

It says that the next important stage for the combined platform will be the signing of documents and the provision of a joint financial package of $ 435 million, which is provided by the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). Both institutions have received the necessary approvals from their boards of directors.

"NJJ, Horizon Capital and Mykhailo Shelemba look forward to a long-term partnership with the EBRD and IFC that will enable them to launch a large-scale investment program, including investments in networks, licenses, equipment and expansion of fixed and mobile infrastructure in Ukraine," the statement said.

Horizon Capital confirmed that the combined platform would be headed by Mykhailo Shelemba, the current CEO of Datagroup-Volia. The company's chairman of the supervisory board, Pierre Danon, will continue to serve as the chairman of the supervisory board of the combined company. It will provide mobile communications services to more than 10 million Ukrainians, and its fixed network will cover 4 million households across the country.

The merger of Datagroup-Volia and Lifecell will allow consumers to benefit from a range of service packages including mobile, fixed-line and pay TV with high quality of service and at the best price, Horizon Capital assured.

"I am pleased to announce this landmark French investment in the Ukrainian telecom sector. We believe it will bring significant and tangible benefits to our customers and the country as a whole. We are confident that our historic agreement will signal to others that Ukraine offers attractive opportunities and that the time to invest has come," NJJ Holding founder Xavier Niel said.

He welcomed Mykhailo Shelemba to the NJJ leadership team leading telecom projects around the world. Niel noted that he was pleased to deepen his cooperation with Horizon Capital, a minority partner in Ukraine and a long-term partner with the EBRD and IFC.

Horizon Capital Founder and CEO Lenna Koszarny said she was honored and extremely pleased to complete this historic deal with Xavier Niel and his world-class team at NJJ.