VTB, Alfa ‘agree joint investment’ in Turkcell

8 Nov 2016

Russian investor VTB Group says it has reached an agreement for joint investment in Turkey’s Turkcell with Russian conglomerate Alfa Group, an existing minority shareholder in Turkcell. VTB’s press representatives said that this agreement ‘provides for the parties’ intention to invest in the Turkish telecommunications company Turkcell in connection with a possible increase in the share of Alfa Group’. According to VTB the proposed deal ‘could help to increase foreign exchange earnings of the company Turkcell and in the long term provide additional positive impact on its investment attractiveness’. Currently, Alfa Group owns a 13% stake in Turkcell, Turkey’s leading mobile operator which also controls foreign subsidiaries including Ukraine’s Lifecell and is in the process of taking majority stakes in a number of Eurasian cellcos from its investment partner Telia Company.

Turkey, Turkcell