July 11, 2018 / 9:15 AM / 7 months ago

UPDATE 1-Kazakhstan approves Kazakhtelecom's bid for Kcell

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ALMATY, July 11 (Reuters) - Kazakhstan’s antitrust committee said on Wednesday it would allow Kazakhtelecom to buy a 75 percent stake in Kcell , the Central Asian nation’s biggest mobile operator.

Kazakhtelecom has made a bid to buy Swedish telecoms company Telia’s stake in Kcell, valuing Kcell at around $600 million, sources familiar with the talks told Reuters in February.

The antitrust committee said in a statement it has set out conditions for the takeover such as maintaining existing subscription plans, independent management and infrastructure development deals Kcell had signed with competitors.

The oil-rich country’s sovereign wealth fund, Samruk-Kazyna, has a 51 percent stake in Kazakhtelecom, part of which it plans to sell this year as part of a large-scale privatisation drive. (Reporting by Mariya Gordeyeva; writing by Olzhas Auyezov; editing by Denis Pinchuk and Jason Neely)

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