Turk Telekom confirms 100% ownership of Avea; pays USD329m for 10% stake

30 Apr 2015

Turk Telekom has signed a share transfer agreement with partner Is Bankasi (IS Bank) to acquire the latter’s 10.0035% stake in mobile unit Avea for a price of TRY875 million (USD329 million).

6.3% of the total fee will be paid in two equal instalments by January 2017, with the remaining 93.7% to be paid thereafter via four equal instalments, with the transaction eventually closing in 2020. Following the necessary approvals, Turk Telekom will become the sole owner of Avea.

Turkey, TT Mobil (Turk Telekom, formerly Avea), Turk Telekom