Turkcell submits bid for TeliaSonera’s Fintur stake

10 February 2016 |

Turkcell is proceeding with its bid to acquire TeliaSonera’s stake in their Fintur joint venture in Eurasia, following ongoing speculation since last year.

The operator has made a non-binding bid for the 58.55% stake in Fintur that it does not own and is said to follow with another bid after completing due diligence, its CEO Kaan Terzioglu confirmed in an interview with Bloomberg, without disclosing further details.

“Several parties are interested in our holdings in Fintur and one of them is Turkcell," confirmed TeliaSonera.

Turkcell presently owns 41.45% of Fintur which operates in Azerbaijan, Kazakhstan, Georgia and Moldova. TeliaSonera is Turkcell’s largest shareholder with a 38% stake. In December 2015, TeliaSonera announced that it would be divesting itself of operations across Eurasia. 

Turkcell is said to have hired Citigroup and HSBC to advise on the deal. Pareto Securities has valued TeliaSonera’s Fintur stake at approximately $430 million.