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.