German businessman Hakan Koc and Switzerland-based private equity investor Pyrros Koussios completed the acquisition after the UK government last month granted national security clearance for the deal.
It follows the UK sanctioning Abramovich and two other Russian owners of the firm over Moscow's ongoing invasion of Ukraine.
The 56-year-old former Chelsea Football Club owner reportedly held a 23 percent stake in Truphone<\/a>, which employs hundreds of people in the UK.
It sells mobile phone SIM cards that allow customers to avoid overseas roaming charges and provides services to corporate customers such as banks.
Alexander Frolov and Alexander Abramov, both petrochemicals tycoons also hit with UK sanctions in November, owned most of the remainder of the company, according to media reports.
In October, the Russian trio were ordered to divest from the firm by the Federal Communications Commission<\/a> (FCC<\/a>) regulator in the United States after \"failing to disclose accurate ownership stakes\".
The FCC<\/a> also fined Truphone $600,000 (551,000 euros) and required it to enter into a compliance plan.
The German businessman Koc is said to have offered £1 ($1.24) for the London-headquartered company last year, and pledged to invest £15 million in its global operations.
But the purchase stalled while the UK government assessed the national security implications, including \"the potential for the exploitation of Truphone UK user data\", reportedly due to his links to Frolov.
Target Global<\/a>, a venture capital firm run by Frolov's son, has provided funding to Koc's used-car platform company Auto1, according to The Times.
the UK government approved the sale in December on the condition that Truphone's new owners hire a chief security officer approved by ministers and enact security measures to be checked by government-approved auditors.
In a statement, Koc welcomed the conclusion of the purchase.
\"I know a great tech company when I see one... We now look forward to executing on our accelerated growth plans and deliver new and innovative products for our customers,\" he said.
\"This may be one of the last big industries where tech meets legacy processes, and we are here to fix it -- it will be fun.\"
<\/body>","next_sibling":[{"msid":97294699,"title":"EU wants to cut red tape, costs to spur rollout of 5G","entity_type":"ARTICLE","link":"\/news\/eu-wants-to-cut-red-tape-costs-to-spur-rollout-of-5g\/97294699","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":97294718,"entity_type":"ARTICLE","title":"European entrepreneurs buy Truphone part-owned by Abramovich","synopsis":"German businessman Hakan Koc and Switzerland-based private equity investor Pyrros Koussios completed the acquisition after the UK government last month granted national security clearance for the deal.","titleseo":"telecomnews\/european-entrepreneurs-buy-truphone-part-owned-by-abramovich","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":291,"shares":0,"engagementtimems":794000},"Alttitle":{"minfo":""},"artag":"AFP","artdate":"2023-01-25 07:36:13","lastupd":"2023-01-25 07:38:17","breadcrumbTags":["Truphone","roman abramovich","target global","fcc","Industry","International","Truphone sale","telecom news","federal communications commission"],"secinfo":{"seolocation":"telecomnews\/european-entrepreneurs-buy-truphone-part-owned-by-abramovich"}}" data-news_link="//www.iser-br.com/news/european-entrepreneurs-buy-truphone-part-owned-by-abramovich/97294718">