Authority approves sale of Turkish pay-tv to Qatari group

Authority approves sale of Turkish pay-tv to Qatari group

Authority approves sale of Turkish pay-tv to Qatari group The Saving Deposit Insurance Fund (TMSF) has said that it approved the sale of Turkish pay-tv provider and satellite network Digitürk to Qatari beIN Media Group on June 3, Anadolu Agency has reported. 

The authority’s Digitürk announcement was launched on the fund’s official website. 

The statement reminded that beIN completed the takeover of Digitürk in June 2015 in accordance with a deal with Çukurova Holding, DP Coinvest BV, P5 DP INV SarL, Providence Equity Offshore Partners VLP, Fintur Technologies BV and Karamko. 

“In line with the conditions in the Stake Acquisition Contract, the TMSF has given approval to complete the sale transaction,” said the statement, as reported by Anadolu Agency. 

No sale amount was disclosed for the deal. However, former media reports said the amount was nearly $1.2 billion. 

The Qatari company will make the payment after a 60-day period to avoid any rejections that may lead the company to legal action, as reported by Turkish media outlets. 

Digitürk, which has more than 3.5 million customers and holds the rights to broadcast Turkish Super League football matches until the end of 2016-2017 season, was 53 percent owned by Çukurova Holding and 47 percent owned by U.S. private equity group Providence Equity Partners.

The Digitürk stakes of Çukurova, the cash-strapped company controlled by Turkish businessman Mehmet Emin Karamehmet, were seized in 2013 by the TMSF because of the company’s debts to the state agency.