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Otas cleared to transfer Turk Telekom stake to creditors

Otas cleared to transfer Turk Telekom stake to creditors

Turkey’s Information and Communication Technologies Authority has cleared Ojer Telekom (Otas) to transfer the 55% stake it holds in Turk Telekom to a new entity established by its creditors.

Otas took out a loan of $4.75 billion from 29 banks in order to obtain its stake in Turk Telekom. Among these were Akbank, Garanti Bank and Isbank, which respectively loaned the group $1.5 billion, $1 billion and $500 million.

In February this year, Garanti Bank confirmed that it was seeking to take control of the 55% holding in Turk Telekom since Otas had been defaulting on its loan repayments for 18 months. In July, the group’s creditors requested control of the stake via a Special Purpose Vehicle.

In a statement, Turk Telekom confirmed that the investment vehicle would own the shares since regulatory clearance had been granted. The operator noted that its subsidiary units – including TT Mobil, TTNet and TT International Telekomunikasyon - would be unaffected by the transfer of control.

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