Turk Telekom has struck a deal with minority shareholders in Avea to buy the final 10% of its mobile subsidiary.
In its Q1 2015 investor call, Turk Telekom CEO Rami Alsan said the buyout was “to allow our group to capture the full potential of our…
Turk Telekom has struck a deal with minority shareholders in Avea to buy the final 10% of its mobile subsidiary.
In its Q1 2015 investor call, Turk Telekom CEO Rami Alsan said the buyout was “to allow our group to capture the full potential of our integration and push further with the synergies and efficiencies that come with it”.
Investors Isbank, Sisecam, Trakya Yatrm Holding, Anadolu Hayat Emeklilik, Efes Holding and Anadolu Anonim Turk Sigorta will receive a total of TL875m from the incumbent for their stock.
This is 6.66% higher than Turk Telekom’s initial non-binding bid of TL820m it lodged on 22 April.
Turk Telekom, majority-owned by Saudi Arabia’s Oger Telecom, will pay the consideration in Turkish lira. It will compensate the smaller shareholders in instalments, with two payments of TL27.5m made by January 2017, and then a further four payments of TL205m spread between 2017 and 2020.
Avea is the third-largest of Turkey’s four mobile network operators, trailing Turkcell and Vodafone’s local unit.