Turk Telekom completes Avea buyout
Turk Telekom has become the sole owner of its mobile subsidiary Avea, following the successful transfer of a 10.0035% stake from its partner Is Bankasi (IS Bank). The acquisition was approved by the Information and Communication Technologies Authority (ICTA) and the Competition Authority on 24 July and 30 July 2015, respectively.
As previously reported by TeleGeography’s CommsUpdate, in April 2015 Turk Telekom signed a share transfer agreement with Is Bankasi to acquire the latter’s stake in Avea for a total consideration of TRY875 million (USD329 million). 6.3% of the total fee will be paid in two equal instalments by January 2017, with the remaining 93.7% to be paid thereafter via four additional payments; the financial side of the transaction will conclude in 2020.
