Datagroup - Volia - lifecell

In 2010, Kyiv-based Horizon Capital made a minority growth investment in Datagroup, a fixed telecom operator based in Ukraine with significant B2B and minor B2C presence. In 2016, the Fund expanded its ownership, taking control and ultimately increasing its stake to 96.13% over the coming years. In 2021, Horizon Capital attracted $65m million in acquisition financing from the EBRD to enable Datagroup to acquire Volia, the leading pay-TV provider in Ukraine, and also concluded the first GP-led secondary fundraising in Emerging Europe, which included the transfer of Datagroup-Volia to the new fund.

After assuming operational control in 2016 and attracting star CEO Mykhaylo Shelemba to lead the Company, Datagroup-Volia transformed into a national fixed-line champion, demonstrating 4.8x EBITDA growth and then culminating in 2024 with a historic buyout and merger with Lifecell, the country’s fastest-growing mobile operator by NJJ, the personal investment vehicle of renowned European visionary Xavier Niel, founder of Iliad.

With the acquisition led by NJJ and merger of Datagroup-Volia with Lifecell, Horizon Capital has helped to create a converged telecom platform serving over 10 million mobile users and connecting 4 million households via fixed infrastructure.

The deal, valued at $1.5bn including acquisition and planned investment program, is the first major investment of a blue-chip foreign strategic investor to Ukraine since the onset of the full-fledged invasion, and one of the largest strategic investments in Ukraine over the last decade. The transaction sends a powerful signal that the time to invest in Ukraine’s infrastructure is now, not when the war is over, and that world-class investors believe in Ukraine’s future victory.