Turkcell announced it had completed the sale of its subsidiaries operating in Ukraine, sending the shares of the Turkish mobile communications network group higher on Tuesday.

In a statement late Monday, the company said it had completed the transfer of shares, along with all rights and liabilities in its subsidiaries Lifecell LLC, LLC Global Bilgi and LLC Ukrtower, to DVL Telecom, part of Xavier Niel's NJJ Holding.

Turkcell operated the third-largest mobile phone network in Ukraine. It had agreed at the end of last year to sell its assets in this country to NJJ.

As of closing, Turkcell received $524.3 million (TL 17.86 billion) in accordance with the share purchase agreement, as stated in the statement to the Public Disclosure Platform (KAP).

Brokerage Deniz Yatırım said that the completion of the prolonged sales process will have a positive impact on investor sentiment.

Shares in Turkcell rose 3% after the announcement.

The company was one of the best performers on Türkiye's main BIST 100 index, which was up 0.39%.