Turkey Wealth Fund cleared to take majority stake in Turkcell

Turkey Wealth Fund cleared to take majority stake in Turkcell

Turkey’s regulator has cleared the government-backed Turkey Wealth Fund to take a controlling stake in fixed and mobile operator Turkcell.

In June this year, TWF became the largest shareholder in Turkcell by acquiring two holdings – Telia’s entire 24% indirect stake, and a 2.2% holding from Cukurova. The latter firm sold its remaining 11.6% holding in Turkcell to LetterOne, which is now the second-largest shareholder in the operator with 24.8% equity.

Local outlet the Daily Sabah reported that Turkcell will hold its AGM on 21st October 2020, at which time it will request that its shareholders clear the Articles of Association required for the various transactions to proceed.

According to TeleGeography, TWF has obtained public shares in 22 Turkish firms across several of sectors, including Turkcell and Turksat in the telecoms sector as well as a number of banks.

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