Cukurova in talks to sell Show TV stake

Published 19.05.2011 13:02
Updated 19.05.2011 13:03

Turkey's Cukurova Holding is in talks with two U.S. private equity firms to sell as much as 49 percent of its television channel Show TV to finance tax debts, a source close to the matter told Reuters.

Cukurova, which controls the country's biggest mobile network Turkcell, is talking to KKR and Texas Pacific Group, the source said.

"Cukurova Group wants to keep a 51 percent stake," he said.

Show TV is valued at at least $800 million and the valuation could easily rise above $1 billion based on a multiple of 12 times earnings, the source said.

Turkcell recently said it received orders from tax offices for the sequestration of the Turkcell assets of Cukurova for 1.68 billion lira ($1.06 billion) due to tax debts.

The source said Cukurova's other units including Digiturk and Genel Enerji may be subject to stake sales to finance the tax debts.

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