STC most likely to buy Oger's Turk Telekom stake, govt may be fall-back option - report

News Wireless Saudi Arabia 28 AUG 2017
STC most likely to buy Oger's Turk Telekom stake, govt may be fall-back option - report

Saudi Telecom Company (STC) is in the lead to buy the 55 percent stake in fixed-line operator Turk Telekom currently owned by Oger Telecom, Reuters reported, citing sources. The news agency said that the Turkish government could step in and acquire the stake if those talks fail. Oger missed debt repayments of USD 290 million in both September and March.

Oger is a unit of Saudi Arabian construction giant Saudi Oger, which itself is facing a multi-billion dollar debt restructuring. 

Three sources said that STC was seen as the most likely buyer of the stake, although there are several other interested companies from other Gulf countries. Two of the sources said that if the talks fall through, the Turkish government could consider using a public institution to acquire the stake. 

The sources said negotiations were in progress with STC only. Reuters added that no-one was available to comment at Oger’s offices in Turkey, and that STC declined to comment.

Categories:

Mobile

Companies:

Oger Telecom,  Turk Telekom,  Saudi Telecom

Countries:

Saudi Arabia

Tags:

M&A buyouts & divestments

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