STC shows interest in acquiring 55% stake in Turk Telekom

Turkish government could acquire the $3.9 billion stake if talks fail
Oger, Saudi oger, Saudi Telecom Company (STC), STC, STC Turkey, Turk Telekom


Saudi Telecom Company is in the lead to buy the 55 per cent of fixed-line operator Turk Telekom, owned by Oger Telecom, according to Reuters reports. It's being said that the Turkish government could acquire the $3.9 billion stake if those talks fail. 

The potential deal comes as Oger, Turk Telekom’s biggest shareholder, faces increasing pressure from creditor banks after missing debt repayments of $290 million in both September and March on a $4.75 billion loan.

“Currently only STC shows a clear interest in the acquisition,” one of the sources said (according to Reuters), adding that there are several interested Gulf companies but only STC has entered negotiations. The government may play an active role as a buyer with a public institution, in the case that STC does not buy. 

STC already holds an indirect 35 per cent stake in Oger’s Turkish arm.



REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story