Turk Telekom Board Seeks Shareholder Authority for Acquisitions
Turk Telekomunikasyon AS (TTKOM), Turkey’s biggest phone company, is seeking powers from shareholders to allow its board to make acquisitions this year of as much as 300 million euros ($396 million) per transaction, the company said.
The board will ask an annual shareholders meeting scheduled for May 25 to give it the powers, the Ankara-based company said in a filing with the Istanbul Stock Exchange after the markets closed on April 30.
The company is looking to expand in markets such as entertainment and education, group Chief Executive Officer Hakam Kanafani said in an interview on April 24.
“Our eyes are open for any opportunities in the region,” Kanafani said. “But this is a sellers’ market where assets are highly leveraged and we are not under pressure to buy assets that don’t justify price.”
The company bought units of Hungary’s Invitel Holding A/S for about $275 million in 2010 to extend its fiber network from the Middle East to Germany. It’s seeking assets “that will have synergies with Turkey,” Kanafani said.
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