Alfa bids USD 2.8 bln to raise stake in Turkcell

News Wireless Turkey 17 MAR 2015
Alfa bids USD 2.8 bln to raise stake in Turkcell
Russia's Alfa Telecom offered USD 2.8 billion to buy back a 13.76 percent stake of Turkcell, Reuters reports. The deal would double its holding in Turkey's top mobile operator after a seven-year battle for control of the company. Alfa Telecom said in a statement that it offered USD 54.9 million per share for 51 of Turkcell's class-B shares held with Turkey's state-run Ziraat Bank as collateral for a loan. 

Alfa has been locked in a battle with one of Turkcell's founder's, Mehmet Emin Karamehmet, for control of the mobile operator. Last year, a company controlled by Karamehmet, Cukurova Holding, paid Alfa USD 1.6 billion for the stake in Turkcell, financing its offer through a loan from Ziraat. Now, Alfa has offered to buy that back at a substantial premium. Turkcell is 51 percent owned by another holding company, Turkcell Holding. Alfa holds a 13.22 percent stake in Turkcell through ownership in that unit.


Categories:

Mobile

Companies:

Turkcell,  Alfa

Countries:

Turkey

Tags:

M&A buyouts & divestments

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