Oger inks Turk Telekom deal

15 Nov 2005

Oger Telecom, a joint venture comprising Saudi Oger and Telecom Italia, has signed the agreement to buy a 55% stake in Turk Telekom and paid the first USD1.31 billion instalment of the USD6.55 billion purchase price. Oger will pay the remainder in five equal instalments over the next five years. On completion of the ceremony, which was attended by the Turkish Finance Minister Kemal Unakitan, the company announced the formation of a new ten-member board of directors.

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