Telia completes Turkcell stake divestment; TWF approved to take control of Turkcell

23 Oct 2020

Telia Company yesterday (22 October 2020) completed the divestment of its entire 47.1% stake in Turkcell Holding, which owned 51% of mobile and fixed network operator Turkcell, to state-owned Turkey Wealth Fund (TWF). The transaction, first announced in June 2020, has fulfilled all regulatory and other conditions, and Stockholm-based Telia reiterated that the deal included a full and global settlement of all shareholder disputes and litigations connected to Turkcell and Turkcell Holding.

In a separate announcement, Turkcell confirmed that its shareholders approved the necessary amendments to its Articles of Association at its General Assembly, enabling a set of transactions which give TWF a 26.2% direct controlling stake in Turkcell, with existing shareholder LetterOne increasing its stake to 24.8%, while the Cukurova group exits the ownership alongside Telia. The other 49% of Turkcell’s shares remain listed on the Borsa Istanbul and New York Stock Exchange. Turkcell hailed the development as ‘paving the way for a simpler shareholder structure and accelerating decision-making processes.’

Turkey, LetterOne Holding (L1 Technology), Telia Company, Turkcell