Cukurova historically controlled Turkcell through its ownership of Turkcell Holding AS (which owns 51% of Turkcell), and by selling the 5.88% stake, it is thought to be edging closer to the point where another party could in principle build a controlling stake.
TeliaSonera owns 37% of Turkcell Holding and would like to increase. Russia’s Altimo Telecom bought 13.22% as part of a deal where it lent US$3.3bn to Cukurova. The latter is repaying part of this loan with the proceeds from selling Turkcell shares. If a party acquires 25% of Turkcell and/or management control, it would be required to launch a public offer for the balance of the capital.
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