A Share Purchase Agreement was signed between the Turkey Wealth Fund and LYY Telekomunikasyon (Telecommunication) Inc. to purchase the shares representing 55% of Turk Telekom’s total capital.
A Share Purchase Agreement was signed between the Turkey Wealth Fund (TVF) and LYY Telekomunikasyon Inc. (LYY) to purchase the shares representing 55% of Turk Telekomunikasyon Inc. (Turk Telekom) total capital.
In the statement made by Turk Telekom to the Public Disclosure Platform (KAP), details regarding the signing of the share purchase agreement were given.
According to the statement, in line with the mission of the Turkey Wealth Fund to invest in strategic sectors in Turkey, a Share Purchase Agreement was signed between TVF and LYY to purchase the shares representing 55% of Turk Telekom’s total capital.
In the statement made by Turk Telekom to the Public Disclosure Platform (KAP), details regarding the signing of the share purchase agreement were given.
According to the statement, in line with the mission of the Turkey Wealth Fund to invest in strategic sectors in Turkey, a Share Purchase Agreement was signed between TVF and LYY to purchase the shares representing 55% of Turk Telekom’s total capital.
In the statement, the following statements were given:
“As stated in the statement made on December 17, 2021, as a result of the negotiations with LYY, the purchase price for the shares subject to the transaction was determined as $1 billion 650 million.
In addition, based on the independently audited consolidated financial statements for 2021, Turk Telekom’s General Assembly will decide to distribute the dividend, which corresponds to 55% of LYY, will be paid to LYY.
This acquisition reflects our belief in the sustainability of Turk Telekom’s strong position in the sector, its brand value, superior asset and human quality, and diversified business model, as well as its solid financial and operational performance, and the long-term attractive outlook of the Turkish telecommunications sector.
The completion of the transaction will take place depending on the fulfillment of the closing conditions in the contract, including the approval of the relevant regulatory authorities.”
ERMUT: WE ARE FOCUSING ON CREATING VALUE
Arda Ermut, General Manager of Turkey Wealth Fund and Member of the Board of Directors, made the following evaluations in his statement on the subject:
“As Turkey Wealth Fund, we focus on creating value with our mission as an asset-based development fund. Our primary goals include maximizing the value of our assets and supporting the emergence of regional and global leaders from companies in Turkey.
Turk Telekom is a company that is very compatible with our strategies and targets with its potential and brand value. In this context, we signed a Share Purchase Agreement to purchase the shares representing 55% of the total capital of Turk Telekom, which is a big brand not only in Turkey but also globally.”
Stating that they follow the telecom sector very closely both in Turkey and in the world, Ermut said, “We are taking another step towards the new era in which technological development and transformation will progress much faster and stronger.
As the Turkey Wealth Fund, while focusing on efforts to further strengthen the technological infrastructure of our country, we also believe that we will add additional value to the telecommunication sector by contributing to the digitalization process.”
Source: NTV / Translated by Irem Yildiz