Freedom Telecom has acquired another company in Kazakhstan

Freedom Telecom, part of the business structure of Timur Turlov’s Freedom Holding Corp., has acquired another company in Kazakhstan — EliteCom LLP. The latest acquisition in the telecom market cost Freedom Telecom just over $3 million. The deal was completed in October 2024. As of the closing date — October 17 — “the fair value of EliteCom’s net assets was $1.72 million.” The purpose of acquiring EliteCom is “to use the acquired assets and licenses to develop the telecommunications business.”

EliteCom has been operating in the market for nearly 20 years — it was established in April 2005. It is based in Astana. The company specializes in telecommunications services: providing telephone services and cable television to individuals, as well as Internet access in the B2C and B2B segments.

Entering the telecommunications market, as well as the Central Asian media market, is part of Freedom Holding Corp.’s strategy, which involves creating a digital FinTech ecosystem. The telecom business is managed by Freedom Telecom, which was registered in August 2023 in the International Financial Center “Astana” (IFC “Astana”).

Source: forbes.kz