4iG is expanding its telecom portfolio in the Western Balkans region, after entering into a definitive sale and purchase agreement to acquire an 80.27 per cent stake in ALBtelecom from Cetel Telecom, a majority-owned subsidiary of Turkey’s Çalik Holding.
The Albanian state will continue to exercise its minority ownership rights in the company through the Albanian Ministry of Finance and Economy (13.78 per cent) and the Albanian Post (2.47 per cent).
ALBtelecom’s shares will be acquired by 4iG in a multi-step transaction, which will result in Çalik Holding, one of Turkey’s largest conglomerates, acquiring a stake of around 3.2 per cent in the Hungarian info-communications group as an institutional investor. The Albanian state remains 4iG’s joint shareholder in ALBtelecom.
“ALBtelecom is a telecommunications provider with strong growth potential. The acquisition is an important step our expansion in the Western Balkans telco sector, which may open up further opportunities for us in the Albanian telecommunications and IT markets,” said Gellért Jászai, Chairman & CEO of 4iG.
“We have come to the country as a strategic investor, where we want to be present in the long term in providing high quality services to retail and corporate customers. Our acquisition is an important step through our strategic goals, and we are committed to the development of the Albanian telecom sector and Albania’s digitalisation efforts,” added Jászai.
“We are pleased that ALBtelecom will be owned by a strategic investor committed to the company. This is the first step in developing our strategic partnership with 4iG Group, which can provide further business opportunities for both of our companies in the future,” said Ahmet Çalik, President of Çalik Holding.
ALBtelecom that was founded in 1912 and now has 743 employees. Last year, the company achieved an EBITDA of €17.4 million on revenues of €57.9 million.
The parties have not disclosed the transaction value. The transaction is expected to be closed in January 2022, following the approval of the Albanian authorities.