Turkey Wealth Fund at final stage in Turkcell takeover

The state-backed Turkey Wealth Fund (TWF) has obtained all necessary regulatory clearances for its agreed share transactions to become the controlling shareholder of mobile and fixed network operator Turkcell, the Daily Sabah reported. Turkcell has meanwhile informed its shareholders that its Annual General Assembly meeting will be held on 21 October 2020, at which Turkcell shareholders will be asked to approve the revised Articles of Association enabling the transaction agreements involving TWF, Telia Company, LetterOne, Cukurova Holding and Ziraat Bank.

In June 2020 TWF agreed to take a 26.2% stake in Turkcell by purchasing Telia Company’s entire 24.0% indirect stake and a 2.2% tranche from Cukurova, with the latter agreeing to sell its other remaining 11.6% to existing shareholder LetterOne (making LetterOne the second largest Turkcell parent with 24.8% of equity).

TWF has acquired public shares of 22 companies in eight strategic sectors, including Turkish Airlines, Ziraat Bank, Halkbank, VakifBank, Borsa Istanbul, Turkey’s Petroleum Pipeline Company (BOTAS), Turkish Petroleum Corporation (TPAO) and satellite/telecoms group Turksat.