Ooredoo, STC reportedly rival bidders for Turk Telekom parent

Qatar’s Ooredoo is bidding for the insolvent owner of Turkish full-service telecoms group Turk Telekom, rivalling an existing offer from Saudi Telecom Company (STC), Bloomberg reports, citing ‘three people with knowledge of the matter’. Ooredoo is reportedly seeking to acquire Ojer Telekomunikasyon AS (Otas), a special purpose vehicle owning 55% of Turk Telekom (which includes mobile division Avea), whilst the Saudi proposal remains on the table, the anonymous sources added. STC already owns 35% of Otas’ parent Oger Telecom. Otas’ creditors – 29 local and international banks – may seek further proposals, according to Bloomberg’s sources, whilst the Turkish Treasury, with a 25% Turk Telekom stake, is also party to the talks.