IsTIM/Aycell merger completed

23 Feb 2004

Telecom Italia Mobile (TIM) says that the merger of Turkish cellco IsTIM, owned by TIM (49%) and Isbank Group (51%), and GSM operator Aycell, a unit of state-owned fixed line operator Turk Telekom, was completed on 19 February. The newly enlarged company has a combined customer base of 4.5 million, or 15% of the market. TIM and Turk Telekom each hold 40% in the new entity; IsBank holds the remainder.