Turk Telekom eyes acquisitions

Turk Telekom eyes acquisitions

Turk Telekom has reportedly allocated up to $387 million to its management board for acquisitions.

The company’s new CEO, Tahsin Yilmaz, said today that he considers acquisitions as part of Turk Telekom’s global growth strategy, according to Reuters.

A local publication also reported today that the Turkish government is eyeing a public offering of a stake in the company by the end of the year.

The Zaman newspaper cites Transport and Communications Minister, Binali Yildirim, as saying that the offer could equate to less than 15% of the state’s 31.7% stake in the company.

Turk Telekom is majority owned by the Dubai-based Oger Telecom consortium, which holds a 55.8% stake, with 12.5% of shares in free float.

As a former state-owned incumbent, Turk Telekom dominates the country’s fixed broadband market with 87% subscriber share in June 2012, according to TeleGeography.

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