Alfa Telecom Finalises Turkcell Deal
28 Nov 2005

On Friday 25th November, Alfa Telecom Turkey Limited ("Alfa"), an affiliate of Alfa Telecom, one of Russia's leading private equity telecommunications investors, completed a series of transactions totalling US$3.3 billion with Turkey's Cukurova Group, resulting in Alfa's acquisition of a 49% interest in Cukurova Telecom Holdings Limited, which has a 27% beneficial interest in Turkcell Iletisim Hizmetleri A.S., Turkey's largest mobile telecom operator.

Through its equity interest in Cukurova Telecom Holdings, Alfa now has a beneficial interest of 13.2% of Turkcell.

Simultaneously with the completion of the acquisition for US$1.593 billion, Alfa provided Cukurova Group with financing in the amount of US$1.707 billion.

Alfa Telecom CEO, Alexey Reznikovich said: "We are extremely pleased that this deal has been finalised. Turkey is one of the most important emerging telecom markets, and has positive prospects for further growth. Alfa Telecom will continue to look further to the emerging markets throughout Eurasia to bring high value growth for our shareholders, partners and those companies in which we invest".

For full press release, please visit http://www.altimo.org/MediaCentre/

Altimo

Altimo, a leading private equity group, operating on some of the world's most desirable and potencially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia, the CIS and other promising emerging markets.

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