Stockholm-based Telia Company has announced that it is selling part of its 14.0% direct stake in Turkish mobile market leader Turkcell via an accelerated bookbuilding offering to institutional investors. A 6.8% direct stake will go on offer, reducing the direct stake held by Telia Company’s wholly-owned subsidiary Sonera Holding BV to 7.2% if all shares are sold. Telia Company’s current total interest in Turkcell is approximately 38.0%, including a 24.0% indirect stake.
BofA Merrill Lynch, Citi and UBS are acting as joint bookrunners for the offering of 150 million Turkcell shares, and the transaction is expected to settle on 8 May 2017; the offer price and final number of shares sold will be determined by Telia Company at the conclusion of the bookbuilding process.
The sale is consistent with Telia Company’s strategy to focus on operations in the Nordics and Baltics. However, Telia Company will continue to be the largest indirect/direct shareholder in Turkcell in economic terms after the transaction. There is no present intention regarding any sale of Telia Company’s indirect interest in Turkcell, a press release added.