Turkey Wealth Fund Buys 55% of Türk Telekom

Founded by the state in 1940 Türk Telekom’sIt is a known fact that Turkey is among the largest telecommunication companies and serves millions of people across the country. 55% of this giant company was transferred to Lebanon-based Oger Telekomünikasyon A.Ş. (OTAS) in 2005 as part of its privatization efforts. However, this situation has changed in recent years, and as a result of OTAŞ not paying its loans, 55% of the shares were transferred to a joint company established by Akbank, İş Bankası and Garanti Bankası.

After that, it was established by the state in 2016 to manage companies. Turkey Wealth Fund (TVF)In the past months, there have been statements stating that Türk Telekom has decided to take action for these 55% shares. Now the news has shown that the necessary signatures for this purchase have been signed.

55% of the shares will be owned by the Turkish Wealth Fund.

In the statements made by Türk Telekom to the Public Disclosure Platform (KAP), it is stated that the TVF, which was established jointly by Garanti, İş Bankası and Akbank, From LYY Telecommunications company Türk Telekom’s 55% It was stated that he signed the Share Purchase Agreement to purchase the shares.

In the statements made, regarding the purchase “As stated in the statement made on 17 December 2021, as a result of the negotiations with LYY, The purchase price for the shares subject to the transaction has been determined as 1 billion 650 million USD. In addition, based on the independently audited consolidated financial statements for the year 2021, Türk Telekom’s General Assembly will decide to distribute the dividend, which corresponds to 55 percent of LYY, will be paid to LYY.” was included.

In addition, it was stated in the statements made to the Public Disclosure Platform that this acquisition was to reflect Türk Telekom’s brand value and belief in its strong position in the sector, and that the conditions such as obtaining the approval of regulatory authorities for the completion of the transaction are expected to be met.

Speaking about the acquisition, Turkey Wealth Fund General Manager and Member of the Board of Directors Arda Ermut gave signals that Türk Telekom’s service and infrastructure will also develop and improve with this investment.We are taking another step into the new era where technological development and transformation will progress much faster and stronger. As Turkey Wealth Fund While focusing on efforts to further strengthen the technological infrastructure of our country,We also believe that we will add additional value to the telecommunications industry by contributing to the digitalization process.” he said.