TeliaSonera gains majority ownership of Turkcell

29 Mar 2005

Scandinavian telecoms group TeliaSonera has struck a deal to acquire a 27% stake in Turkey’s leading wireless operator, Turkcell, for USD3.1 billion, upping its effective ownership to 64.3%. The agreement to purchase the stake from Turkish shareholder Cukurova Group is expected to complete in the second quarter of 2005. According to reports, TeliaSonera will not make a public tender offer for Turkcell, which will remain a listed company; Cukurova Group will hold on to a 13.5% stake.

Turkey, Telia Company, Turkcell