SilkNetCom

History

2024: Kazakhstan telecom company Freedom Telecom bought SilkNetCom

On November 8, 2024, it became known that the Kazakhstan telecom company Freedom Telecom acquired the IT provider SilkNetCom. The transaction value amounted to $23.88 million.

SilkNetCom was founded in April 2018 with the aim of providing communication services under the state program and developing broadband access Internet in remote rural areas. JSC Transtelecom"" took part in the initiative: it is noted that this is the first project in the territory, Republic of Kazakhstan implemented within the framework of public-private partnership. SilkNetCom specializes in provider services, IT constructionstelecommunication and networking in both the private and public sectors.

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Freepik

SilkNetCom website states that 1222 connection points have been built throughout Kazakhstan, and the length of fiber-optic communication lines reaches 6 thousand km. 429 rural settlements are connected to the Internet; the total coverage of the population with communication services is approximately 1 million people.

According to Forbes Kazakhstan, as part of the transaction, SilkNetCom's net assets were valued at $20.55 million (total assets - $45.61 million, total liabilities - $25.06 million), goodwill amounted to $3.31 million. The sole shareholder of SilkNetCom LLP approved the agreement for the sale of 100% of the share in the authorized capital in favor of Freedom Telecom Holding Ltd, a private company registered in the AIFC. The deal will help Freedom Telecom establish a new independent telecom operator in Kazakhstan to provide customers with a wide range of services.

The mission of our company is to promote the development of information infrastructure. Today we are confidently looking to the future, boldly setting ourselves the grandest goals to increase the digitalization of the Republic of Kazakhstan, says SilkNetCom.[1]

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