Turk Telekom confirms 100% ownership of Avea; pays USD329m for 10% stake

30 Apr 2015

Turk Telekom has signed a share transfer agreement with partner Is Bankasi (IS Bank) to acquire the latter’s 10.0035% stake in mobile unit Avea for a price 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 equal instalments, with the transaction eventually closing in 2020. Following the necessary approvals, Turk Telekom will become the sole owner of Avea.

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