Abramovich's Telecoms Company Truphone Getting Sold For $1.25

MOSCOW (Pakistan Point News / Sputnik - 04th June, 2022) Two European entrepreneurs are purchasing British telecoms group Truphone, owned by Russian businessman Roman Abramovich and his business partners Alexander Abramov and Alexander Frolov, for 1 pound sterling ($1.25), The Financial Times reports citing people familiar with the deal.

German businessman Hakan Koc and his business associate Pyrros Koussios will now own 90 percent and 10 percent of Truphone, respectively, the newspaper said on Friday.

Truphone was valued at 410 million Pounds ($512 million) in 2020. The company decided on the sale of the assets after Abramovich was targeted with Western sanctions. The sale is expected to be wrapped up this month.

Under the deal, if Truphone performs well and crystallizes value, Abramovich and his two business partners will get up to a third of the original funds they invested, although if sanctions against Abramovich are still in place at that time, he will not get the funds.

In early March, Abramovich announced that he had put English football club Chelsea up for sale in connection with the sanctions imposed against him over the events in Ukraine. The sale was completed at the end of May.