TI offloads Avea

17 Jul 2006

Telecom Italia has agreed to sell its 40.5% stake in Turkey’s third mobile operator Avea to Turk Telecom (TT) for USD500 million. TT will up its stake in Avea to 81%, with IS Bank holding the remainder. As part of the deal Telecom Italia will then re-invest half the proceeds from the sale into Oger Telecom, which has a 55% stake in TT. The Italian company already holds 13% of Oger Telecom. According to TeleGeography’s GlobalComms database, Avea had a 14.2% share of the Turkish mobile market at the end of March.

Turkey, TT Mobil (Turk Telekom)