ZTE is acquiring a 48% shareholding in Turkey’s Netaş Telekomünikasyon to strengthen its presence in the region.
The Chinese vendor has signed the agreement with holding company OEP Turkey Tech B.V., which is managed by One Equity. The parent firm originally acquired its stake in Netaş from Nortel in 2010.
Founded in 1967, Netaş is a leader in Turkey’s ICT industry with audited revenue of US$371m for the fiscal year 2015. It provides services across multiple segments to telecom carriers, banks, governments and enterprises.
Following the proposed transaction, Netaş will remain an independent company, with increased access to ZTE’s portfolio of products, services and solutions for telecom carriers, enterprises and governments, as well as consumers. This will allow Netaş to complement and strengthen its current offerings, deliver more value to customers, and expand its customer base. Netaş’ solutions will be made available to ZTE’s international clients.
Zhao Xianming, Chairman and CEO of ZTE Corporation, reaffirmed Netas’ future operation: “Following the transaction, Netaş shall remain committed to its corporate values to deliver the best value and service levels to clients, working closely with existing suppliers to nurture localised innovations”.
C. Mujdat Altay, CEO of Netas, said: “With our new shareholder ZTE, we will continue to flourish and position Netaş as a global technology player. Netaş has been a major architect of Turkey’s digital future and we will now work with ZTE to further address the global marketplace. We will engage in an exchange of expertise with ZTE, particularly in the areas of R&D and innovation. We also believe this transaction highlights Turkey’s attractiveness as an environment for foreign investors.”