Connect with us

International

British telecommunications group owned by Roman Abramovich sold to tech entrepreneur for one

Published

on

 


British telecommunications group Truphone, owned by Russian tycoon Roman Abramovich and his colleagues, was acquired by two European tech entrepreneurs for a pound.

Truphone appointed FRP Advisory, a restructuring expert, to carry out the sale of the company’s assets after UK and European authorities imposed sanctions on the Russian billionaire and the group’s future was in doubt.

The company was valued at £410mn in 2020 and has received investments of over £300mn from Abramovich and his two Russian business partners Alexander Abramov and Alexander Frolov.

German businessman Hakan Koç, who co-founded the used car company Auto1, and his business associate, former telecommunications manager and private equity investor Pyrros Koussios, will own 90% and 10% respectively of the company.

The sale of fire gives an early picture of the fate of a company entangled in Russia’s invasion of Ukraine.

Businesses across the West that have imposed sanctions on individuals, owners and investors on their boards of directors have grappled with a myriad of problems since the February invasion, including loss of customers, difficulties in accessing finance and damage to public reputation.

Abramović was forced to sell Premier League football club Chelsea after sanctions agreed to last month for £4.25 billion.

Truphone, with Abramovich holding a 23% stake and Abramov and Frolov holding most of the remaining shares, posted a 15-year straight loss, including £16m in 2020.

The telecom group sells contracts to corporate customers, including banks, who want a secure network and want to avoid roaming charges for their employees. It also provides embedded simulation to various technology companies, including Apple.

Last year, Koç, backed by Japanese conglomerate SoftBank, listed Auto1 on the German public market, raising €1.8 billion and valuing the company at €10 billion.

Auto1 had previously been funded by Target Global, a venture capital firm run by Frolov’s son, but Koç said neither he nor Koussios had a direct relationship with the current owner of Truphone and had never met.

As part of the sale, which is expected to close this month, the current owners have pledged to invest more than £10 million in the business and will face certain contractual liabilities, according to those familiar with the transaction.

One-time payments and liabilities, including a fine of $660,000 from the Federal Communications Commission, the US regulator, for misrepresentation of the corporate ownership structure will be paid by the existing owners of Truphone.

According to the sale agreement, if the company performs well and materializes value through a market listing or capital increase, the current Russian owners will receive up to a third of the original funds invested, people described the deal. Had Abramovich continued to be sanctioned at the time, he would not receive the funds.

Truphone’s proposed sale to Koç was first reported by The Times.

Sources

1/ https://Google.com/

2/ https://www.ft.com/content/624482dd-0a83-4377-b846-a6bc7dad7cef

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]