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Oger seeks to boost Türk Telekom stake
23 February 2010
Dubai-based Oger Telecom wants tio raise its stake in Türk Telecom from 55% to 65% or more
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Türk Telecom
Turkey
Dubai
Oger Telecom
Oger Telecom of Dubai is looking to raise its 55% stake in Türk Telekom under Turkey’s potential privatisation plans for the fixed line operator. The state is willing to divest a 15-20% interest in Türk Telekom through a secondary public offering or block sale.
Oger has offered to pay a 20% premium above the price set by the government, which is to be determined for a secondary public offering. The offer will value a 20% stake of the company at $2.6 billion.
Oger is seeking an increase in its stake through a block share sale or other process allowing a block of at least 10%. A secondary public offering would leave the Dubai telecoms company with the option of buying shares in the market.
Oger already controls 55% of Türk Telekom after paying $6.55 billion for the stake in a privatization in 2005. GTB