Telia Company completed the divestment of its 47.1% stake in Turkcell Holding to the state-owned Turkey Wealth Fund.
In a complicated set-up, Turkcell Holding owned 51% of the listed company Turkcell Iletism Hizmetleri. The transaction was announced on June 17, 2020 and has now met all the regulatory and other conditions.
The divestment concludes Telia Company’s exit from Turkey and includes a full and global settlement of all shareholder disputes and litigations connected to Turkcell and Turkcell Holding.
This strategic move follows hard on the decision announced by Telia Company earlier this month to sell its international business, Telia Carrier, as its new CEO Allison Kirkby continues to make her presence and priorities felt.
Kirkby said at the time of the Telia Carrier announcement that, "We can now fully concentrate on our Nordic and Baltic footprint, while we at the same time have secured future access for our customers to Telia Carrier's world-leading solutions, through a long term strategic partnership".
That deal is still awaiting regulatory approval.