News
A number of Gulf companies are interested in Turkish operator, but STC is the only one holding talks, sources say.
Saudi Telecom Company (STC) has emerged as the most likely player to acquire a majority stake in Turk Telekom, but the Turkish government could also step in to take control of the operator, according to recent news reports.
The future of Oger Telecom’s 55% stake in Turk Telekom is uncertain after the firm missed debt repayments earlier this year and in the second half of last year.
STC has entered negotiations that could see it buy the stake from Oger, in which it already holds a 35% stake, Reuters cited unnamed sources as saying late last week.
STC is not the only name in the frame, but it is the only company actually holding talks, the newswire said. According to one of its sources, several Gulf-based companies are interested in acquiring the shares.
However, there is also scope for the Turkish government to get involved, given that it holds close to 32% of Turk Telekom, according to Reuters.
One of the sources said the state may use a public institution to take over the telco should STC fail to broker a deal.
Another source noted that Oger Telecom’s creditors want the sale to be completed by September, to avoid another loan default.
