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BUSINESS >Turkish media group Sabah-ATV sold to Kalyon group

ISTANBUL

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Sabah-ATV had been acquired by Çalık Group for $1.1 billion in 2008.

Sabah-ATV had been acquired by Çalık Group for $1.1 billion in 2008.

The Competition Board has approved the sale of Turkish media group Sabah-ATV to Zirve Holding, owned by the Kalyon Group, which is also active in the construction, energy and infrastructure sectors.

Sabah-ATV had been acquired by Çalık Group for $1.1 billion in an auction in 2008. It had earlier been seized by the state due to its former owner’s debts.

Çalık took out $750 million in loans to finance the acquisition in 2008, becoming a partner with the Qatar-based Lusail International Media Company in the move. Later on, Çalık acquired all the shares in Sabah-ATV.

The Kalyon Group, which was established in 1974, has been active in Qatar, Russia, the U.A.E., Saudi Arabia and Iraq, among others.

It is one of the members of the consortium that recently won a tender for the construction of Istanbul’s third airport. Kalyon has undertaken a number of other construction and infrastructure projects over the years, including the controversial pedestrianization project in Taksim Square.

December/20/2013

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