Vodafone Turkey of Vodafone Group Plc (VOD,VOD.L) said it has agreed terms with the Koç Group to acquire Koç.net for a cash consideration of TRY30 million, or 11 million pounds.
Koç.net provides fixed voice and data services to enterprise customers and will enable Vodafone Turkey to enter the ADSL market for the first time.
The transaction supports Vodafone Turkey's strategy to expand its enterprise division, which saw growth of 36 per cent in the financial quarter ending June 30, 2011.
The transaction is subject to Turkish Competition Authority approval and is expected to complete in the fourth calendar quarter of 2011
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