Turkey's wealth fund mulls acquisition of majority stake in Turk Telekom

News General Turkey 1 OKT 2021
Turkey's wealth fund mulls acquisition of majority stake in Turk Telekom

Turkey’s wealth fund TVF is considering the acquisition of a majority stake in Turk Telekomunikasyon, in a potential deal that would make it the largest shareholder in two of the top telecom operators, Bloomberg reporting, citing sources with knowledge of the matter. Creditors seized a 55 percent stake in Turk Telekomunikasyon almost three years ago after its previous owner defaulted on a multi-billion-dollar loan. The sovereign fund approached the lenders about acquiring the holding. 

Turk Telekom’s shares surged on the news, erasing losses in Istanbul and rising as much as 5.9 percent - the most in 10 months. The stake in the company may be worth around USD 1.6 billion. 

The two sides differ over the price and the fund has yet to make a formal offer, they said. The group of mainly local banks previously hired Morgan Stanley to advise on finding a strategic buyer.

Categories:

General

Companies:

Turk Telekom

Countries:

Turkey

Tags:

Shareholders & subsidiaries, Broadcast, M&A buyouts & divestments

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