Telia confirms talks to sell Turkcell stake to sovereign fund

Nieuws Mobiel Kalkoen 16 JUN 2020
Telia confirms talks to sell Turkcell stake to sovereign fund

Telia Company has confirmed it's in talks to sell its stake in Turkcell Holding. The Swedish company issued a statement following media reports that it was in talks to sell the indirect stake in Turkcell to Turkey's Wealth Fund. Telia said the deal would be worth around USD 530 million.

Negotiations are still ongoing and are at an advanced stage, but no agreement has yet been reached, Telia said. 

Telia Company owns 47.1 percent of Turkcell Holding, a holding company owned by Cukurova, LetterOne and Telia Company. The holding company's only asset is 51 percent of Turkcell.

The sale would see Telia complete the divestment of its Eurasian businesses. The Wealth Fund is already an indirect stakeholder in Turkcell, through its ownership of the bank Ziraat. The latter has a claim on Cukurova's stake in Turkcell Holding, after Cukurova defaulted on a loan to the bank. 

Categories:

Mobiel

Companies:

Telia,  Turkcell

Countries:

Kalkoen

Tags:

M&A buyouts & divestments

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