Turkey Set to Borrow Around $1.6 Billion for Turk Telekom Buyout
- Sovereign wealth fund said to be in talks with Turkish banks
- Fund has majority stake in mobile phone operator Turkcell
Photographer: Ali Balikci/Anadolu Agency/Getty Images
This article is for subscribers only.
Turkey is set to borrow around $1.6 billion from a consortium of banks to finance a planned buyout of the country’s telecom giant Turk Telekom.
The country’s sovereign wealth fund, known as TWF, is in advanced talks with banks, including those that jointly hold a 55% stake in Turk Telekomunikasyon AS to secure the loan, people with direct knowledge of the matter said, asking not to be identified as the talks are private.