ZTE completes 48% acquisition of Turkey’s Netaş
ZTE becomes largest shareholder in Turkish telecoms vendor Netaş for reported $101m
ZTE has become the dominant shareholder in Turkish equipment company Netaş Telekomünikasyon.
The Chinese telecoms vendor today completed its acquisition of a 48% stake in Netaş, a deal valued at $101 million when it was announced in December 2016.
“The investment by ZTE is a major boost to Netaş’s growth as a global technology brand,” said Zhao Xianming, CEO of ZTE. “The investment will give ZTE a regional hub to support operations in Turkey and neighbouring countries.”
ZTE said the deal would strengthen Netaş’s product and service capabilities and support growth in Turkey and in international markets.
Netaş, which is listed on the Istanbul stock exchange, is a systems integrator that the Turkish Armed Forces with defence communications solutions in mobile broadband, cyber security, cloud computing, managed and strategic services and defence communication technologies.
“This transaction is one of the biggest technology development investments in Turkey,” said Mujdat Altay, CEO of Netaş.
David Walsh, the president, CEO and chairman of Genband, who is also chairman of Netaş, said: “Netaş has been a tremendous success story and flagship enterprise in Turkey. … The exceptionally talented team at Netaş has dramatically expanded its ICT capabilities, and has expanded internationally beyond Turkey. With ZTE’s investment, global reach and product depth, Netaş is extremely well positioned for future success.”
Walsh represented One Equity Partners, which sold its stake in Netaş to ZTE and which is also a shareholder in Genband.
Netaş said its global software solutions business, already deployed by more than 200 global operators, will be strengthened by ZTE’s presence as shareholder.
Zhao said: “ZTE is delighted to complete the investment in Netaş. Our first priority is to support Netaş’s growth, and we have a long-term strategy in Netaş and Turkish ICT market.”