Borsa Istanbul in talks with European, US giant for share sale
Hülya Güler ISTANBUL
Turkey’s sole stock exchange Borsa Istanbul is reportedly holding talks with one European and one American giant for the potential sale of a minority of the exchange’s shares only months after a landmark deal with U.S. stock exchange NASDAQ.
The stock exchange had clinched a landmark deal with NASDAQ in December, in which the U.S. exchange took a 5 percent share from Borsa Istanbul in a tie-up that allows Borsa Istanbul to use NASDAQ’s market technologies to attract new customers.
According to sources close to the matter, the Turkish stock exchange has neared the end of negotiations with the European Bank of Reconstruction and Development (EBRD), as well.
The multilateral development bank is also planning to take a 5 percent share, the sources claimed.
Borsa Istanbul Chairman İbrahim Turhan had said Borsa Istanbul has been holding share sale-aimed talks with a variety of financial institutions for some time now.
According to the same sources, the Turkish authorities are also engaged in separate sale talks with a prominent U.S. private equity firm that was managed by former U.S. Secretary of Treasury Timothy Geithner.
Geithner reportedly came in person to Istanbul in July and met with Borsa Istanbul management and Ali Babacan, the deputy prime minister in charge of the economy.
However, sources insist the parties have not taken any concrete steps regarding the negotiations.