Türk Telekom receives approval for transfer of majority share to banks

Türk Telekom receives approval for transfer of majority share to banks

ISTANBUL
Türk Telekom receives approval for transfer of majority share to banks

The transfer of a majority stake of Türk Telekom to a joint venture of creditor banks has been approved by Turkey’s communication authority.

“The transfer of 55 percent of the shares of our company, Türk Telekom, which is owned by OTAŞ, to a special purpose vehicle [SPV], which the creditor banks of OTAŞ would be shareholders thereof, shall be approved,” Türk Telekom said in its statement to the Public Disclosure Platform on Aug. 17.

The share transfer will not have any adverse consequences on the companies owned by Türk Telekom including TT Mobil, TTNet and TT International Telekomünikasyon, it added.

Ojer Telekomünikasyon (OTAŞ), owned by Saudi Oger of the Hariri family in Lebanon, had put up 55 percent of Türk Telekom shares as collateral for a loan of $4.75 billion in 2013.

After two years of negotiations regarding the failed repayments, creditor banks, including Akbank, Garanti and İşbank, applied to the Competition Board to take over the shares in July.

Türk Telekom, Oger Telecom, Otaş, Garanti Bank, Akbank, Işbank