A ten-year Ukrainian telecom deal: A French billionaire has bought Lifecell and Datagrup-Volia.

Investment company NJJ Holding, owned by French billionaire Xavier Niel, has completed its acquisition of Ukrainian mobile operator Lifecell and fixed internet provider Datagroup-Volia. This acquisition is a decade-long deal in the Ukrainian market, the total amount could reach over $650M.

“Our historic agreement will signal to others that Ukraine offers attractive opportunities and that the time for investment has come,” Niel said.

Niel becomes the majority owner of the combined company, with an 85% share, and another 10% belongs to Horizon Capital. In the next stage, a unified telecommunications platform will be created from the two acquired companies. The holding expects $435M from the EBRD and the International Finance Corporation (IFC). The loan will allow it to invest in Ukraine’s communication infrastructure.