Cleary Gottlieb is representing Tele2 in the creation of a joint venture with Kazakhtelecom that will combine Tele2 Kazakhstan with Altel, Kazakhtelecom’s mobile business and the operator of the country’s only 4G network. Tele2 Kazakhstan and Altel are, respectively, the third and the fourth largest mobile operators in Kazakhstan. Definitive documents were signed on November 3, and closing of the transaction is subject to regulatory approvals.
Tele2 and Kazakhtelecom will have, respectively, a 49% and 51% economic interest in the joint venture, but Tele2 will have a majority of the voting rights and management control.
In the context of the transaction, Tele2 will also purchase Asianet’s existing 49% stake in Tele2 Kazakhstan.