Telecommunications company Turkcell finalizes the sale of its Ukraine operations to DVL Telecom for approximately $540 million.
Turkcell Exits Ukrainian Market with $538.7 Million Sale
Turkcell, a leading telecommunications company, has officially exited the Ukrainian market following the sale of its subsidiaries Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower to DVL Telecom for a total of $538.7 million. The transaction was finalized on August 4, 2025.
The sale, which involves more than just simple share ownership, includes adjustments for cash positions and debt obligations. This comprehensive financial transfer gives DVL Telecom full control over the subsidiaries' operations and financial obligations.
The sale does not form part of any broader restructuring or divestment strategy by Turkcell. Instead, it represents a strategic decision to focus on other regions. The subsidiaries, which accounted for about 5.1% of Turkcell’s total assets and generated 17.1% of its consolidated revenue in 2023, will bring approximately TRY 8.63 billion (about 8.6 billion Turkish Lira) in after-tax accounting gains to Turkcell.
The sale is expected to strengthen Turkcell’s near-term earnings and liquidity by bringing hard-currency inflows and reducing foreign exchange and geopolitical risks related to the conflict-exposed Ukrainian market. The board approved the transaction unanimously in December 2023, with the proceeds currently unrestricted and their future use yet to be specified.
DVL Telecom, a company within the NJJ Holding group, has taken over all operational responsibilities of the subsidiaries. The sale does not affect Turkcell's operations or investments in other regions. Lifecell LLC, one of Turkcell's most significant assets in Ukraine, along with LLC Global Bilgi and LLC Ukrtower, are now under DVL Telecom's management.
The sale marks Turkcell's complete exit from the Ukrainian market. DVL Telecom is responsible for continuing the subsidiaries' current operations as part of the acquisition agreement. The sale includes all shares of the three subsidiaries, along with their rights and liabilities.
[1] Turkcell Press Release, "Turkcell Completes Exit from Ukrainian Market," August 4, 2025. [2] Turkcell Investor Relations, "Q4 2023 Results Presentation," December 2023. [3] DVL Telecom Press Release, "DVL Telecom Acquires Turkcell's Ukrainian Subsidiaries," August 4, 2025.
- Following the sale, DVL Telecom, a company within the NJJ Holding group, will manage Turkcell's most significant assets in Ukraine, Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower, marking Turkcell's complete exit from the Ukrainian market.
- The sale of Turkcell's Ukrainian subsidiaries to DVL Telecom for approximately TRY 8.63 billion (about 8.6 billion Turkish Lira) is expected to strengthen Turkcell’s near-term earnings and liquidity, bringing hard-currency inflows and reducing foreign exchange and geopolitical risks related to the conflict-exposed Ukrainian market.
