Telia sells another 7% stake in Turkcell

Nieuws Algemeen Kalkoen 18 SEP 2017
Telia sells another 7% stake in Turkcell

Telia is selling a 7 percent stake in Turkcell, reducing its holding to 24 percent in the Turkish mobile operator. The sale of 153.5 million shares is taking place through an accelerated bookbuilding offering to institutional investors.

The sale is part of the company's efforts to withdraw from its Eurasian activities and focus on the Nordics and Baltics. In May, Telia already sold 155 million shares in Turkcell to institutional investors for TRY 11.45 each, raising in total TRY 1.78 billion. Since then, Turkcell's share price has risen steadily to as much as TRY 13.4, only to fall back more recently to just over TRY 12. 

After the latest sale, the company will remain the largest shareholder in Turkcell. The offer price and final number of shares sold will be announced after the bookbuilding. The sale should be completed by 21 September. 

Categories:

Algemeen

Companies:

Turkcell

Countries:

Kalkoen

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments

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