IFC and EBRD will provide USD 435 million loan to DVL, in which lifecell and Datagrup-Volia merged

The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) jointly provide a long-term loan in the amount of USD 435 million to the DVL group of companies, which merged the mobile operator lifecell (formerly Astelit) and the provider of fixed Internet Datagroup-Volia.

This is stated in the message of lifecell, Ukrainian News Agency reports.

"IFC, a division of the World Bank Group, and the EBRD, with the support of the European Commission and the French government, in the form of guarantees, announced an investment program for the DVL group of companies. The IFC and the EBRD jointly provide a long-term loan in the amount of USD 435 million (USD 217.5 million each organization) in support of an important project with the participation of the leading Ukrainian telecommunications companies - lifecell and Datagrup-Volia, which recently merged into the DVL group under the leadership of Mykhailo Shelemba. The majority investor of the newly formed group is NJJ, a French holding company specializing in investments in the telecommunications sector, the owner which is the well-known investor Xavier Niel," the message reads.

It is noted that thanks to the provided financing, the combined group will improve mobile communication services for 10 million subscribers, and 4 million households will receive faster and more reliable access to fixed broadband Internet.

"Using expanded capabilities, professional experience of new shareholders and support from IFC and EBRD, DVL group of companies plans to strengthen protection against cyber threats, introduce more competitive products and services and implement best practice standards in this difficult time. In addition, the project will contribute to the recovery of the telecommunications sector after direct damage in the amount of USD 1.9 billion and losses in the amount of USD 750 million caused to it as a result of russian aggression," the message reads.

At the same time, part of the IFC loan will be covered by the guarantees provided by the European Commission within the framework of the Rapid Economic Recovery Mechanism of Ukraine and the French government in support of the IFC Program of Measures to Increase Economic Stability (ERA).

As Ukrainian News Agency earlier reported, in September, the investment company NJJ Capital of French billionaire Xavier Niel completed the acquisition of lifecell and Datagroup-Volia.