Xavier Niel's NJJ Capital has agreed to pay more than $500 million to purchase Turkcell’s Ukrainian unit.

Bloomberg confirmed the agreement yesterday (January 29), with Niel telling press in Paris that the deal “makes sense."

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“It’s an asset we’re not paying very much for compared to its profits,” he told the Paris Press Association for business journalists yesterday.

Though the final price of the transaction wasn't confirmed, an NJJ spokesperson said it will be more than $500 million.

The deal was first announced at the end of last month, with Turkcell agreeing to sell its Ukrainian units to NJJ Capital, the investment vehicle of telecoms billionaire Neil, who owns French operator Iliad Group.

The transaction includes Lifecell, Global Bilgi (Global Ukrayna,) and Ukrtower (Kule Ukrayna).

Lifecell is the third largest mobile operator in Ukraine with around a 17 percent market share.

Niel noted the deal is pending regulatory checks, including a green light from the Ukrainian competition authority.