Telia To Sell 47.1% Stake In Turkcell For $530 Mln

Telia Co. said it agreed to sell its 47.1 percent holding in Turkcell Holding, which owns 51.0 percent in the listed company Turkcell Iletisim Hizmetleri, to the state owned Turkey Wealth Fund for $530 million.

The transaction also includes a full and global settlement of all shareholder disputes and litigations connected to Turkcell and Turkcell Holding.

Turkcell Holding is a privately held holding company, directly and indrectly owned by Cukurova, LetterOne and Telia Company. Its only operation is the ownership of 51 percent in Turkcell.

The governance of Turkcell Holding has been challenging. Disagreements between the shareholders have caused difficulties in the corporate governance of Turkcell from time to time.

Telia company expects to close the transaction during the second half of 2020.

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