TeliaSonera has won a legal battle which could see it increase its stake in Turkey’s largest cellular operator, Turkcell, to 64.3%. The International Court of Arbitration has overturned a 2005 deal under which another Turkcell shareholder, Cukurova Group, sold part of its stake to Alfa Group of Russia. The Court has called for Cukurova to sell all its shares in Turkcell Holding to TeliaSonera for a USD3.1 billion, reports local newspaper Referans. Cukurova had originally agreed to sell its shares in the holding company to TeliaSonera, but withdrew from the transaction to strike a deal with Alfa Group.
As it stands, Turkcell is owned by Turkcell Holding (51%), Cukurova Group (7.46%), Sonera Holding (13.07%), MV Group (5.07%) and others (0.01%), with the remaining 23.39% publicly traded on the New York and Istanbul Stock Exchanges. Turkcell Holding is itself owned by TeliaSonera (47.09%) and Cukurova Holding (52.91%). Cukurova Holding is owned by Cukurova Group (51%) and Alfa Group (49%). This gives TeliaSonera a direct and indirect stake of 37.09%, while Cukurova Group has 21.22% and Alfa has 13.22%.