Telia revealed it was in talks with Turkey Wealth Fund regarding a potential sale of its indirect stake in Turkcell for approximately $530 million, a move continuing a wider exit strategy covering non-core markets.
In a statement confirming reports on the talks, the Sweden-based operator noted negotiations with the Turkish sovereign wealth fund were currently in “an advanced stage”, but no agreement has been sealed yet.
Turkcell’s parent company, Turkcell Holding, is jointly owned by Telia, Turkish conglomerate Cukurova Holding and Luxembourg-based private equity and venture capital company LetterOne Holdings.
Telia owns a 47.1 per cent stake in Turkcell’s holding company, which owns 51 per cent of the operator.
Turkcell is the biggest operator in Turkey, with a total of 30.5 million mobile connections in Q1, GSMA Intelligence data showed.Subscribe to our daily newsletter Back