With the acquisition of 55% of the shares in Türk Telekom by the Wealth Fund, the Turkish government has regained control.

The majority of shares in Türk Telekom, which came under Oger Telekom’s control through privatization, went to Levent Yapılandırma Yöneticiliği A.Ş., which was found by banks, as Oger Telekom failed to pay its debts. 

Turkey Wealth Fund signed an agreement with LYY Telekomünikasyon A.Ş. to purchase the shares representing 55 percent of the total capital of Türk Telekom.

According to the statement made by Türk Telekom to the Public Disclosure Platform (KAP), it was announced that the contract was signed in line with the strategic sector investments of the Wealth Fund, and the purchase price of the 55 percent share subject to the transaction was determined as 1 billion 650 million USD.

The statement was as follows: “As stated in the statement made on December 17, 2021, as a result of the negotiations with LYY, the purchase price for the shares subject to the transaction was determined as 1 billion 650 million USD.

This acquisition reflects our belief in the sustainability of Türk Telekom’s strong position in the sector, its brand value, superior asset and human quality, and diversified business model, as well as its solid financial and operational performance, and the long-term attractive outlook of the Turkish telecommunications sector.

The completion of the transaction will take place depending on the fulfillment of the closing conditions in the contract, including the approval of the relevant regulatory authorities.”

You can access to the original statement from Turkish Wealth Fund here.