The Georgia Communications Commission has approved the sale of Watertrail Industries and Investico Alliance, two companies that own Veon Georgia (Beeline), the country’s third-largest mobile internet service provider.
ComCom revealed that Veon Georgia had requested prior authorization from the Commission for the acquisition of 100-100% of each company’s shares by Georgian businessman Khvicha Makatsaria on April 4.
The Commission established that the acquisition of the companies by Makatsaria would not affect competition in the electronic communications market, adding that the operation was “compatible with the competitive environment” in the electronic communications market.
Watertrail Industries owns 71% of Veon Georgia, with the other 29 owned by Investico Alliance.
In the Georgian market since 2007, Veon Georgia’s assets total £120m ($39.6m/€37.5m), with company revenues totaling £100.5m sterling ($33.2 million/€31.4 million) in 2021, according to business media bm. ge reported. The website also said the company has 1,279,951 subscribers in the country.
Pursuant to the Georgia Electronic Communications Act, persons involved in the proposed acquisition of shares, shares or operating assets are required to notify the Commission prior to the merger or acquisition.