Turkey's largest cellphone operator has initiated plans to dominate the Caucasus and Central Asian markets, announcing its intention to purchase Fintur, the leading operator in Kazakhstan, Azerbaijan, Moldova and Georgia.
The move is in line with the vision provided by Turkcell General Manager Kaan Terzioğlu, who took over the firm with a clear objective of making it a regional and global heavyweight. The cost of the move is expected to be $1 billion.
Turkcell's announcement of its intentions came only 47 minutes after TeliaSonera, which is also one of the main shareholders of Turkcell, said it would be selling its 58.55 percent share in Fintur. Turkcell said it already owned 41.45 percent of Fintur and would now initiate the process of purchasing the entire company. If the deal comes through, Turkcell will become the leading operator in the four countries. It already has owns 21.14 percent of KCell in Kazakhstan, 21.26 percent of Azercell in Azerbaijan, 41.45 percent of Moldcell in Moldova and 41.45 percent of Geocell in Georgia. It will become the major shareholder in all four companies once the transaction is finalized. Turkcell is already a market leader in Turkey, Ukraine, Belarus and Turkish Cyprus. Fintur has 18 million subscribers in four countries. Terzioğlu had said the new Turkcell would be hungrier and more aggressive in its acquisitions and would aim to become a global player. He had said the firm would aim to become the number one or at least number two in the markets it enters and would leave if it failed.
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