Telia Company has agreed to sell its 47.1 per cent holding in Turkcell holding, which owns 51 per cent in the listed company Turkcell Iletisim hizmetleri, to the state owned Turkey wealth fund for $530 million (€471.6m).
The transaction also includes, subject to closing, a full and global settlement of all shareholder disputes and litigations connected to turkcell and turkcell holding.
“Today we announce the final piece of the Turkish exit puzzle – the divestment of Telia Company’s stake in Turkcell Holding. Over the past few years, our focus has been our core Nordic and Baltic markets. Through this divestment, we unwind a long-lasting legal deadlock; we reduce risk, improve leverage and increase liquidity which will generate better shareholder returns in our core markets,” said Allison Kirkby, President and CEO of Telia Company. “Turkcell has grown into a strong company which has generated substantial returns for its owners”.