EBRD provides $65 mln loan in hryvna-equivalent to support Datagroup-Volia merger.

The European Bank for Reconstruction and Development (EBRD) is providing a local currency loan equivalent to $65 million to Datagroup, which is majority owned by a fund managed by Horizon Capital, the bank and the company said in joint press release issued on Monday.

This will primarily finance the acquisition of Volia Group, the provider of telecom and content services (earlier Volia-Cable).

"We are delighted to announce our cooperation with the EBRD resulting in the provision of $65million in financing. These funds will be invested in the business to support growth and development – the acquisition of Volia as well as full-scale network modernisation. This financing supports our development plans, ensuring our network is the most modern in the Ukrainian telecommunications market, bringing quality of services to a whole new level and ensuring we surpass customer expectations as their reliable partner. We believe this is just the beginning of a long-term collaboration with the EBRD and look forward to many opportunities and large-scale projects ahead," Datagroup Chief Executive Officer and shareholder Mykhailo Shelemba said.

Matteo Patrone, EBRD Managing Director, Eastern Europe and the Caucasus, said that soon Ukrainian consumers will reap the benefits of Datagroup and Volia joining forces.

"This merger will create a platform of sufficient scale to attract substantial capital investments to modernise Ukraine's last-mile and national fibre infrastructure. The EBRD is a valued partner of Horizon Capital and its portfolio companies, providing expansion loans to increase production capacity, acquisition financing to grow businesses and fund commitments to attract private capital to the region. The success of Datagroup and Volia will serve to promote Ukraine’s investment attractiveness and ultimately bring more foreign direct investment to the country," Horizon Capital's Founding Partner and Chief Executive Officer Lenna Koszarny said.

Under the cooperation with the EBRD, Datagroup is also committing to expand its internship programme and provide greater training and employment opportunities for young women and men.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

Related news
Growing concern over unrest in Colombia

Growing concern over unrest in Colombia

Unrest has erupted in Colombia over President Iván Duque's proposed tax hike. He announced the measure on April 28, and four days later canceled it because Colombians began protesting. Duque said the revenue would have eased the strain the pandemi...

Trainer responds to Kentucky Derby winner Medina Spirit failing drug test.

Trainer responds to Kentucky Derby winner Medina Spirit failing drug test.

Hall of Fame trainer Bob Baffert said Sunday that his barn has been told Kentucky Derby winner Medina Spirit failed a postrace drug test. In a Sunday morning press conference at Churchill Downs, Baffert said Medina Spirit was found to have 21 pico...

Congresswoman Liz Cheney likely to be ousted as Republican Conference Chair.

Congresswoman Liz Cheney likely to be ousted as Republican Conference Chair.

House Republicans are expected to vote Wednesday to remove Congresswoman Liz Cheney of Wyoming as the party's conference chair. It follows an ongoing feud between Cheney and former President Trump. Tyler Pager, White House reporter for The Washing...

BREAKING: Dodds sacked as Starmer reshuffles Labour cabinet.

BREAKING: Dodds sacked as Starmer reshuffles Labour cabinet.

Labour leader Sir Keir Starmer has wasted no time replacing his front bench following the party's dismal election results. The changes include: -Anneliese Dodds sacked as shadow chancellor and replaced by Rachel Reeves -Angela Rayner will become s...

Russia Displays Military Might in Annual Victory Day Parade - NBC News.

Russia Displays Military Might in Annual Victory Day Parade - NBC News.

Russia celebrated the 76th anniversary of the defeat of Nazi Germany with a display of military might and pomp in Moscow. 12,000 troops and 80 aircraft took part in the Victory Day parade, which was overseen by President Putin as relations with th...

Press Preview:  Take a look inside Monday's newspapers.

Press Preview: Take a look inside Monday's newspapers.

Find out what's inside Monday's newspapers with Matthew Syed and Christina Patterson. SUBSCRIBE to our YouTube channel for more videos: Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí Follo...