Alfa Group reduces Turkcell stake

19 Mar 2009

Following a US court order Russia’s Alfa Group has reduced its stake in leading Turkish mobile network operator (MNO) Turkcell. Alfa’s telecoms arm Altimo sold 62.2% of its stake to Nadash International Holding and Russian-owned Henri Services Ltd in a deal worth USD90 million bringing its total stake in Turkcell down to 4.99%. The court order is part of an ongoing dispute between Alfa and the Norwegian Telenor Group over their Ukrainian investments. Both Alfa and Telenor hold major stakes in Ukraine’s leading wireless operator, Kyivstar, which competes with Turkcell-owned MNO Astelit. This dual interest led a New York judge to order Alfa to pay USD100,000 a day in penalties until it had reduced its holding in Turkcell below 5%. Turkcell owns a 54.8% stake in Astelit.

Telenor and Altimo are also currently engaged in a dispute over the ownership of Vimpelcom, Russia’s second largest MNO which saw Telenor’s 29.9% of voting shares seized by the Russian courts earlier this month.

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