Technology Turk Telekom bids for full ownership for Avea

Turk Telekom bids for full ownership for Avea

Avea_logo (AA) – Turk Telekom said on Wednesday it had submitted an offer to buy the 10 percent stake in mobile operator Avea held by Turkish bank Isbank, the company said in a stock market filing on Wednesday. 

The total value of the shares is 820 million Turkish lira ($305 million), according to the filing. The shares are held by Turkey’s Isbank, Sisecam, Trakya Yatırım Holding, Anadolu Hayat Emeklilik, Efes Holding and Anadolu Anonim Turk Sigorta.

The share purchase would mean that Turk Telekom would own 100 percent of the shares in Avea.

Turk Telekom was privatized in 2005 and offered 15 percent of its shares to the public on Borsa Istanbul in 2008. Fifty-five percent of Turk Telekom shares belong to Oger Telecom and 30 percent belong to the Turkish Treasury. 

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