Türkiye's sovereign wealth fund is reportedly considering buying the minority stake in Turkcell Iletişim Hizmetleri A.Ş., of which it is the biggest holder, from LatterOne Holdings SA, according to the Bloomberg News report late Wednesday.
The wealth fund, also known by its initials TWF and the biggest holder in Turkcell, has approached LetterOne to discuss a potential offer for its 19.8% stake, Bloomberg quoted people familiar with the situation as saying.
It’s unclear whether LetterOne is interested in selling its stake in the country’s largest wireless carrier by market value, the people said, asking not to be identified as the conversations remain private.
Shares of Turkcell extended gains to more than 4%, and TWF’s bonds due 2029 advanced on Wednesday following the Bloomberg News report.
Turkcell’s shares have risen 61% in the past year, giving the company a market value of about $6.5 billion. A 19.8% stake would be worth around $1.3 billion based on current market price, the report said.
The Türkiye Wealth Fund currently holds a 26.2% stake in Turkcell, according to the information on its website.
