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Tue, Feb. 9, 11:49 AM
- Turkcell (TKC -1.5%) is going forward with an effort to buy out partner TeliaSonera (OTCPK:TLSNY +1.3%) in their Fintur Eurasian joint venture, its CEO says.
- The company has a non-binding bid in and will follow with a another offer after it completes due diligence, says CEO Kaan Terzioglu. TeliaSonera owns the other 58.55% of the venture, which owns operators in Azerbaijan, Georgia, Kazakhstan and Moldova.
- Meanwhile, despite tough timing on the sale, TeliaSonera says "Several parties are interested in our holdings in Fintur and one of them is Turkcell."
- As much as TeliaSonera is interested in getting out of the region, Turkcell has been pursuing more cross-border expansion after the end of a long boardroom deadlock broken by regulators.
- Previously: TeliaSonera facing tough economic timing on Eurasian sale (Jan. 29 2016)
- Previously: RenCap: Turkey may be best bet for emerging telecom growth, dividends (Jan. 04 2016)
Jun. 29, 2015, 12:02 PM
- Turkcell (TKC -2.7%) has wrapped a buyout of the rest of its Ukrainian unit, Astelit.
- The company's paid $100M to buy out partner System Capital Management, who held 45% of Astelit through its Netherlands venture partner Euroasia Telecommunications Holding. Astelit operates in Ukraine under the brand "Life:)."
- Turkcell is also settling Astelit's debts with SCM and guaranteeing up to $66M in credit.
- It marks Turkcell's first major move across borders, and the company says it will use Ukraine as a pilot for further regional expansion.
- Previously: Turkcell in talks to buy out Ukrainian partners (Jun. 19 2015)
- Previously: Turkcell down 5.3%; launches Ukraine 3G (Jun. 08 2015)
Mar. 17, 2015, 9:48 AM
- Turkcell Iletisim Hizmetleri (NYSE:TKC) is up 2.3% as Russian conglomerate Alfa Group has launched a dramatic $2.8B offer to effectively take control of Turkey's top telecom -- though success is far from likely.
- Alfa has offered $54.9M/share for the 13.8% owned by Cukurova Holding -- along with Alfa and TeliaSonera, one of the three key shareholders of Turkcell. Alfa owned that same stake just last year.
- But Cukurova would have to accept the bid, and a Turkish government reluctant over Russian takeovers in Turkey would have to approve.
- Turkcell is set to hold its first shareholder meeting since 2011; if the meeting doesn't come off, Turkey's capital markets watchdog can seize control of the executive committee.
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