One of Turkey’s most established companies Turkish telecom, Turkey Wealth Fund (TVF) is purchased by The company, which was originally a state institution, was transferred to Oger Telekomünikasyon A.Ş. in 2005 as part of the privatization efforts.
This agreement, covering 55 percent of the shares, amounted to 6 billion 550 million dollars and went down in history as the largest tender in the history of the republic. The shares transferred to the banks in July 2018 due to the inability of Oger Telekom to pay its loan debt to the banks are now going to TVF.
Huawei and Türk Telekom shook hands for 5G!
Huawei cooperates with Turkish and Brazilian operators to increase efficiency within the scope of the 5G project. Here are the details…
Turkey Wealth Fund buys Türk Telekom shares
According to the statement Turkey Wealth Fundsigned the contract to purchase the 55 percent share of Türk Telekom (Türk Telekomünikasyon A.Ş.) capital. The purchase price was determined as 1 billion 650 million USD.
At the same time, 55 percent of the dividend amount to be decided to be distributed by Türk Telekom’s General Assembly based on the consolidated financial statements of 2021 will be paid to LYY Telekomünikasyon, the current shareholder.
Making a statement on the subject, TVF General Manager and Board Member Arda Ermut used the following statements:
As TVF, we focus on creating value with our mission of an asset-based development fund. Our primary goals include maximizing the value of our assets and supporting the emergence of regional and global leaders from companies in Turkey.
Türk Telekom is a company that is very compatible with our strategies and targets with its potential and brand value. In this context, we signed a Share Purchase Agreement to purchase the shares representing 55% of the total capital of Türk Telekom, which is a big brand not only in Turkey but also globally.
The only thing missing for the purchase to take place is the approval of the relevant regulatory authorities. Immediately after this, the transfer will take place depending on the fulfillment of the closing conditions in the contract.
So what do you think about this subject? Do you think the Turkey Wealth Fund will make a serious change in the company structure after purchasing Türk Telekom shares? Give your feedback in the comments section or SDN ForumYou can share it with us.