Alfa Telecom Signs Deal for 13% of Turkcell
Alfa Telecom signed Monday a deal to buy 13% of Turkey's No.1 cellular operator Turkcell for $3.3 billion, prompting TeliaSonera, the largest mobile operator in Sweden and Finland and the second largest in Norway, to promise legal action against the Russian company for blocking its own plans to buy a controlling stake. The price Alfa paid is the highest ever agreed by a Russian company for assets abroad.
TeliaSonera, which has 37% of Turkcell, announced in March it had reached an agreement with shareholder Turkish Cukurova Group - a member of the telecommunications consortium of Ericsson, Finland Telecom - to acquire a further 27% stake, hereby gaining control. But TeliaSonera's deal was overtaken by the offer from Alfa, and the Norwegian company claimed in a statement yesterday that Alfa's actions had directly made Cukurova breach the March agreement.
posted by Fergie @ 11/29/2005 08:57:00 AM
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