Turkey’s Wealth Fund Seeking Majority Stake in Telecom Giant
- Group of creditors took over 55% stake in Turk Telekom in 2018
- Wealth fund has yet to make formal offer for banks’ stake
This article is for subscribers only.
Turkey’s wealth fund is considering acquiring a majority stake in the country’s second-biggest telephone company, in a potential deal that would make it the largest shareholder in two of the top telecom operators, according to people with knowledge of the matter.
Creditors seized a 55% stake in Turk Telekomunikasyon AS almost three years ago after its previous owner defaulted on a multi-billion-dollar loan. The sovereign fund, known by its Turkish initials TVF, has approached the lenders about acquiring the holding, said the people, who asked not to be named because the matter isn’t public.