STOCKHOLM, Sweden-Nordic carrier TeliaSonera said it has agreed with the Cukurova Group to acquire a 27-percent stake in Turkish wireless carrier Turkcell for $3.1 billion, increasing its ownership stake to 64.3 percent.
TeliaSonera said it will not make a public tender offer for Turkcell, which will remain a listed company, and Cukurova will continue as a local partner in the carrier with a 13.5-percent stake.
TeliaSonera said the transaction underlines its commitment to Turkey and Turkcell, as well as future development opportunities. Turkcell is the largest mobile operator in Turkey with 23.4 million subscribers at end-2004.
The transaction is expected to be completed in the second quarter.
