Wealth Fund in Turkey to Get Majority Stake in Telecom Giant

Turkey

Turkey's Wealth Fund seeks to acquire a majority stake in the state's second-largest telephone company. This deal has the potential to re-nationalize the country's telecommunication industry.

The Turkish Wealth Fund, chaired by President Recep Tayyip Erdogan, considers telecommunications as a strategic sector. Therefore, the Turkish Wealth Fund made its move to buy a 55% stake in Turk Telekom. Thirty percent of the shares are state-owned. But 15% will remain floating shares. Last year, the fund gained control of Turkcell. This was the country's top mobile phone operator. After taking over the stake of the company's main shareholder, Sweden's Teila, they obtained power for $530 million. Moreover, the fund holds all shares of satellite provider Turksat.     

Turkey established its sov...

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