Vodafone Ukraine adds popular internet provider Freenet for over $20 million
Mobile operator Vodafone Ukraine has made a major acquisition by adding popular internet provider Freenet for UAH 746 million ($20.1 million).
Vodafone Ukraine acquired a 90.6% stake in Freenet, according to the interim consolidated financial report of VF Ukraine for the first half of 2023.
The company entered into the share purchase agreement on Aug. 23, and the corresponding payment was made on the same date.
The transaction has been completed and registered.
The company noted the initial accounting for the acquisition remained unfinished as interim statements were approved, since Freenet's financial reports follow Ukrainian standards requiring reconciliation with international rules through purchase price allocation and other adjustments.
A source at Forbes Ukraine estimated the deal to be worth up to $15 million. The same valuation was previously given to the operator agreement with Vega, an internet provider owned by Rinat Akhmetov's SCM.
Earlier, Vodafone Ukraine reported that its profit increased by 242% year-on-year to UAH 2.66 billion ($72 million).
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