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Turkey Wealth Fund closes acquisition of 26.2% interest in Turkcell

Turkey Wealth Fund closes acquisition of 26.2% interest in Turkcell Author: Flazingo Photos. License: Creative Commons, Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)

ANKARA (Turkey), October 26 (SeeNews) - Turkey Wealth Fund (TWF) has closed the acquisition of a 26.2% stake in Turkcell  [IST:TCELL], thus becoming the controlling shareholder of the Turkish mobile phone operator, TWF said.

The transaction was completed after Turkcell shareholders approved the company's revised articles of association that allowed several transactions between TWF and current Turkcell shareholders Telia Company, LetterOne and Cukurova Holding, TWF said in a statement last week.

Through the acquisition, TWF won effective control of Turkcell's board of directors, holding 15% privileged shares within its 26.2% stake in the company. 

The deal also saw Luxembourg-based investor LetterOne increase its 13.2% indirect stake in Turkcell to 24.8% direct interest, whereas Sweden's telecommunications services provider Telia Company and Turkish industrial and commercial conglomerate Cukurova Holding left Turkcell's shareholding structure.

In June, TWF said it agreed to buy the 26.2% stake in Turkcell. Under the agreement, the TWF acquired most of the shareholding interest - 24.02%, from Telia Company for $530 million (448.6 million euro). 

($ = 0.8464 euro)