Turkey Wealth Fund, TWF, is in advanced negotiations with Sweden’s Telia to acquire shares in Turkcell for an investment of $530 million.
“Negotiations are still ongoing and are in an advanced stage, but no agreement has yet been reached,” Telia said in the statement.
Telia is owner of 47.1% of Turkcell Holding, a company owned by Çukurova, LetterOne and Telia.
The Swedish shareholder is preparing an exit from the holding after various shareholders have been tangled in a long-running battle over the control of the company. The leading Turkish mobile phone operator has halted dividends payouts as the board couldn’t hold investor meetings, Bloomberg Quint reports.
The acquisition will expands TWF’s company portfolio. Established in 2016, TWF holds shares in several Turkish companies including Turkish Airlines (THY), telecommunications giant Türk Telekom, state lenders Ziraat Bankası and Halkbank, oil company Turkish Petroleum Corporation (TPAO) and Borsa Istanbul Stock Exchange (BIST).
Turkey’s sovereign wealth fund ranks 14th globally on the US-based Sovereign Wealth Fund Institute index.
