Telia sells off 7% stake in Turkcell for $514m
Swedish operator continues to divest assets in Eurasia and no longer holds a direct stake in Turkey's Turkcell
Telia has offloaded the last of its directly-owned stake in Turkcell, raising $514 million, as it continues to dispose of non-core assets.
The Swedish operator divested a 60% holding in Tajikstan’s T-Cell in April and sold off 7% of its stake in Turkcell the following month, following a review of Telia’s strategy in Eurasia.
It still retains a 24% stake in Turkcell through its stake in Turkcell holding, despite this latest sale to institutional investors, meaning it remains the Turkish operator’s biggest single shareholder.
“The sale of the remaining directly owned shares in Turkcell is in line with our strategy to focus on our operations in the Nordics and Baltics,” said Johan Dennelind, President and CEO of Telia Company.
“We will after today's transaction continue to be the largest shareholder in Turkcell and as such will continue our long-term efforts to solve the ownership deadlock and to reinstate normal corporate governance in Turkcell.”
Discontinued operations hit Telia Company hard in the operator’s second quarter report. The Stockholm-based operator is focusing on Nordic and Baltic markets after deciding to unwind and sell its central Asian operations. Problems with alleged corruption in Uzbekistan led the company to decide to sell them all.