Turkish towers business pulls IPO - Mobile World Live

Turkish towers business pulls IPO

24 OCT 2016

Turkish infrastructure firm Global Tower shelved its planned initial public offering (IPO), “until the markets become more reliable and stable”.

The company, which is owned by Turkcell, cited “the potential impacts of [the] upcoming United States presidential election and FED’s expected interest rate decision on the financial markets as well as the cyber-attacks”.

The plan was to list 25 per cent of Global Tower, in what Bloomberg said would be Turkey’s biggest IPO for three years, and the first in six months. Trading was scheduled to start later this week.

In addition to overseas considerations, it was noted that Turkey saw an attempted coup earlier this year, and is subject to security risks related to the situation in neighbouring Syria.

Citing Anastasia Levashova, a fund manager at Blackfriars Asset Management, the report suggested Turkcell was not willing to sell at a discount.

Last week, Nordic-focused operator Telia said that it was working with Turkcell to explore a “joint divestiture” of Fintur Holdings, their joint venture which operates in Azerbaijan, Georgia, Kazakhstan and Moldova.

Previously, Turkcell was a likely buyer for Telia’s stake.


Steve Costello

Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist...More

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