A deal for the sale of a 55 percent stake in Turkey's fixed-line operator Turk Telekom was signed on Wednesday. The contract was signed by Turkish Finance Minister Kemal Unakitan, Transportation Minister Binali Yildirim, Privatization Administration (OIB) Chairman Metin Kilci and representatives of the Saudi Oger Telecom-led venture.
The venture led by Saudi Oger Telecom, which included Telecom Italia, won a tender in July offering for a 55 percent stake in Turkish Telekom. Saudi Oger gave an offer in the amount of US$6.550 billion, whereas the second highest bidder was Etisalat’s offer (US$6.500 billion). Following the win, OgerTelecom Managing Director Paul Doany stated: “We have stated to the Turkish press many times that we are committed to Turk Telekom. We believe that Türk Telekom is a jewel and we are determined to invest in its growth."
Turk Telecom serves 23 million subscribers in which 19 million in land lines and 4 millions in mobile service, with a profit of one billion US Dollars.
The sale of Turkish Telekom is a central part in Turkey's privatization program.
