September 25 (SeeNews) - Turkey Wealth Fund (TWF) said that it has obtained all the necessary regulatory approvals for its agreed acquisition of a 26.2% stake in mobile phone operator Turkcell [IST:TCELL], which will make the fund controlling shareholder of the target company.
The transaction is expected to close after Turkcell shareholders approve the company's revised articles of association that will allow several transactions with TWF and current Turkcell shareholders Telia Company, LetterOne, Cukurova Holding and Ziraat Bank, Turkey's sovereign wealth fund said in a statement on Thursday.
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Turkcell shareholders are expected to vote on the matter at an annual general meeting scheduled for October 21.
In June, TWF said it has agreed to buy a 26.2% stake in Turkcell from some of its direct and indirect shareholders. Under the agreement, the TWF will acquire most of the shareholding - 24.02% - in Turkcell from Sweden's telecommunications services provider Telia Company for $530 million (455.7 million euro).
Following the transactions with Telia and other Turkcell minority shareholders, TWF will become the largest shareholder in Turkcell and will hold 15% privileged shares within its 26.2% holding, winning effective control over the board of directors, TWF said at the time.
($ = 0.8599 euro)