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Turkey Wants Telecom Giant’s Shareholder Banks to Finance Buyout

  • Sovereign wealth fund wants to buy banks’ Turk Telekom stake
  • Fund wants shareholder banks to finance its stake purchase
Lira Extends Drop In Sign Of Further Turkish-Market Turmoil
Photographer: Kerem Uzel/Bloomberg

Turkey has approached banks holding a majority stake in the country’s telecom giant to finance a planned buyout of the firm by the nation’s sovereign wealth fund.

The fund, known as TWF, is in preliminary talks with private lenders that jointly hold a 55% stake in Turk Telekomunikasyon AS, according to people with direct knowledge of the matter.