Swedish operator Telia has confirmed it is in discussions about the potential sale of its indirect stake in Turkish telecom company Turkcell.
Telia said discussions are underway with Turkey Wealth Fund regarding a potential divestment of the stake for about $530 million (€470.5 million).
“Negotiations are still ongoing and are in an advanced stage, but no agreement has yet been reached,” a statement said.
Telia owns 47.1% of Turkcell Holding, a holding company owned by Cukurova, LetterOne and Telia Company. In turn, the holding company owns 51% in Turkcell.
The matter of Turkcell’s ownership has been the subject of an ongoing dispute between its main shareholders.
Stefan Gauffin, an analyst at DNB Markets, told Reuters, “It’s a tricky stake to sell because you need to end the deadlock among the shareholders.”