Sovereign fund asks Turk Telekom’s shareholder banks to finance buyout of their own stakes

28 Jan 2022

Turkey Wealth Fund (TWF) has approached banks holding a majority stake in Turk Telekom (TT) to finance a planned buyout of the telco, Bloomberg reports. The sovereign fund is in preliminary talks with the banking consortium – represented by a special purpose vehicle (SPV), LYY Telekomunikasyon – and wants to secure a loan from the banks to buy their collective 55% stake in TT, according to unnamed sources close to the matter. The stake could be worth around USD1.4 billion based on its current market price, data compiled by Bloomberg show. In a statement to Bloomberg, TWF confirmed negotiations with the banks are ongoing, without providing further details.

Turkey, Turk Telekom