Regulator approves Turkcell share transfers

24 Aug 2020

Turkish mobile and fixed network operator Turkcell disclosed on its investor website that the Information & Communication Technologies Authority (Bilgi Teknolojileri ve Iletisim Kurumu, BTK) has approved two share transfer transactions required to complete the multi-stage ownership deal agreed in June 2020 which will result in the state-owned Turkey Wealth Fund (TWF) becoming the company’s largest shareholder. The dual transactions will redistribute the existing 51% stake currently registered to joint venture Turkcell Holding: 26.2% will be transferred to a new controlling shareholder, Turkiye Varlik Fonu Bilgi Teknolojileri Iletisim Hizmetleri Yatirim Sanayi ve Ticaret (TWF), and the other 24.8% will be moved to IMTIS Holdings (a unit of LetterOne). Turkcell noted that the process for the respective transactions is ongoing.

In June, TWF agreed to take a 26.2% stake in Turkcell by purchasing Telia Company’s entire 24.0% indirect stake and a 2.2% tranche from Cukurova Group, with the latter agreeing to sell its other remaining 11.6% to existing shareholder LetterOne (making LetterOne the second largest Turkcell parent with 24.8% of equity).

Turkey, Telia Company, Turkcell