News
Turkish mobile operator aims to take control of Fintur and TeliaSonera’s direct stake in Kazakhstan’s Kcell.
Turkcell late last week announced it has submitted a binding bid for TeliaSonera’s stake in Fintur, a company that holds telecoms assets in four Eurasian countries, in addition to a direct stake in Kazakhstan.
The Turkey-based mobile operator made the announcement to the Istanbul Stock Exchange, but did not provide any further details, including on the price of its offer.
The news came three months after Turkcell submitted a non-binding offer for the assets, again without disclosing any financial information.
TeliaSonera revealed plans to exit its Eurasian operations on a market-by-market basis, with a view to focusing on its domestic and wider European businesses, in September last year. Turkcell, which already has a stake in some of those operations through Fintur, immediately expressed its interest in making a bid.
TeliaSonera holds 58.55% of Fintur and consolidates the results of its mobile operator subsidiaries in Azerbaijan, Georgia, Kazakhstan and Moldova with its own. Turkcell owns the remaining 41.45%.
In addition, TeliaSonera has a 24% direct stake in Kcell in Kazakhstan. Turkcell’s offer also includes that stake.
Should the deal go ahead, Turkcell would control 75% of Kcell. It would also gain 100% of Georgia’s Geocell, all of Moldova’s Moldcell, and 51% of Azercell in Azerbaijan.
However, it could face competition from other interested parties.
Last year TeliaSonera said it had received interest in its Eurasian businesses, including the Fintur operations, from a number of angles.
