Türk Telekom bids for full ownership of Avea

Türk Telekom announced that it had submitted an offer to buy a 10-percent stake in the mobile operator Avea, held by Turkish bank İşbank, the company said in a stock market filing yesterday.

The total value of the shares is TL 820 million ($305 million), according to the filing. The shares are held by Turkey's İşbank, Şişecam, Trakya Yatırım Holding, Anadolu Hayat Emeklilik, Efes Holding and Anadolu Anonim Türk Sigorta. The share purchase would mean that Turk Telekom would own 100 percent of the shares in Avea. Türk Telekom was privatized in 2005 and offered 15 percent of its shares to the public on the Borsa Istanbul in 2008. A total of 55 percent of Türk Telekom shares belong to Saudi Oger Telecom and 30 percent belong to the Treasury.