WOOD Flash – Turk Telekom: Turkish Wealth Fund in talks with the banks?
Following the recent news (30 September, Bloomberg HT) that Turkey’s Sovereign Wealth Fund (TWF) is in talks with the Turkish banks to acquire their controlling 55% stake in Turk Telekom (TTKOM) (via an SPV, “Levent Yapilandirma AS”, LLY), TTKOM’s shares have gained momentum and are up 6% over the past week, vs. a flat BIST100. Reportedly, the talks are at a very preliminary stage and there is a disagreement regarding the valuation of the company between the banks and TWF. However, according Bloomberg HT, TWF has not submitted any official bids to the banks.Turk Telekomuniksayon is an integrated telecommunications company in Turkey. Co.'s principal activities include the provision of local, national, international and mobile telecommunication services, internet products and services, as well as call centre and customer relationship management, technology and information management. Co. has service network and product range in the fields of individual and corporate services. Co. provides services in all 81 cities of Turkey. Co. has two main segments; fixed line and mobile. As of Dec 31 2015, Co. had 12.9 million fixed access lines, 8.0 million broadband and 17.3 million mobile subscribers.
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