Silknet acquires Geocell, creates major convergent telecom company
Georgia’s leading internet service provider company Silknet has acquired Geocell, the second-largest mobile telecommunications operator in the country, Agenda reports.
Silknet announced today the successful acquisition of Geocell for $153 million after reaching an agreement with Geocell’s shareholders, Telia Company and Turkcell.
"The transaction combines Silknet’s broadband, pay TV and fixed telephone operations with Geocell’s mobile operations, creating a major convergent telecom company. The expected synergies will provide Georgian consumers with enhanced access to voice and data services and exclusive global content”, read the press release published by Silknet today.
Silknet assures Georgian consumers they can expect significant benefits from the acquisition, thanks to new planned convergent broadband, pay TV, mobile and fixed telephone offerings, including enhanced mobile access to Silknet’s exclusive content such as global sport competitions.
"This transaction allows us to create an integrated telecommunications operator, combining fixed line and mobile technologies. The larger scale will provide the company with superior access to international capital markets, further ensuring continuous investment in new technologies”, said the Chairman of Silknet George Ramishvili, who welcomed Geocell’s "first-class employees and its corporate culture of excellence” to the Silknet team
Subject to approval of the local regulatory authorities in Georgia, the acquisition is expected to be completed in the second quarter 2018.