Turk Telekom seeks 100% Avea ownership

23 Apr 2015

Saudi-backed Turk Telekom has bid for the remaining 10.01% in its mobile subsidiary Avea, in a move that will see the company buy out partner Is Bankasi (IS Bank) and take full control of the cellco. According to Reuters, citing TEB analyst Toygun Onaran, Avea is currently non-profitable and as such, it is considered ‘logical for IS Bank to want to offload the shares.’ Turk Telekom has not proffered a price for the stake, but suggests it has a ‘nominal’ value of USD300 million.

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