Russia’s Alfa Telecom said it was prepared to sell a 13.22 percent indirect stake in Turkcell to Turkey’s Cukurova and Ziraat Bank for a total of around USD 2.7 billion, writes Turkish publication Hurriyet Daily News citing a statement to the Istanbul stock exchange.
Alfa, owned by Russian billionaire Mikhail Fridman, has been locked in a legal battle for almost a decade with equity partner Cukurova, run by Turkcell’s founder Mehmet Emin Karamehmet.
Alfa said it was willing to sell 49 class-A shares in Cukurova Telecom Holdings for USD 54.9 million per share, equivalent to 13.22 percent of Turkcell. Cukurova financed the purchase of a 13.8 percent stake for USD 1.6 billion in Turkcell
The court battle is expected to be concluded in the coming weeks, two sources said. With its latest announcement, Alfa wants to put pressure on Cukurova to either find the funds to buy the additional stake and gain control or admit defeat, the same sources said.
