Tatwah Smartech, a China-based manufacturer of RFID products, is one of the parties in talks to buy a majority stake in Turk Telekom via a special purpose vehicle (SPV), Bloomberg reported.
Sources told the news agency discussions are ongoing but no final decision has been made.
The SVP was created last month after Ojer Telekom failed to keep up with repayments on a $4.75 billion loan taken from 29 local and international banks to acquire a 55 per cent stake in Turk Telekom. Creditors including Akbank, Garanti Bank and Isbank decided to establish the SPV to take over the stake.
Selling to Tatwah Smartech is one of many options being mulled.
Bloomberg said the Chinese company has an enterprise value of $1.9 billion and Turk Telekom $5.4 billion, adding that the operator said in a public filing it has not been told of any developments related to its shareholding.Subscribe to our daily newsletter Back