Turk Telekom makes bid for Digiturk stake

Turk Telekom makes bid for Digiturk stake

Turk Telekom has made a $530 million bid for a majority stake in Digiturk, a Turkish digital pay-TV operator.

Turkey’s Savings Deposit Insurance Fund (TMSF) took control of Digiturk in May – from troubled conglomerate, Cukurova Group – and Turk Telekom’s offer would see it take a 53% stake in the TV operator.

“We’ve only received one non-binding bid from a single company,” Sakir Ercan Gul, head of TMSF, confirmed to local reporters. “It is Turk Telekom’s bid.”

Turkey’s Dogus Group, among three or four others, is also interested in the stake, according to Gul.

Turk Telekom rebranded from PanTel in June this year, and its CEO, Gregg Betz, stepped down.

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