Türk Telekom acquires remaining Avea shares from İş Bank for $330 million

Turkey's fixed-line telecommunications operator Türk Telekom announced on Wednesday that it has agreed to buy the remaining 10 percent shares of the cellphone operator Avea from İş Bank for 875 million Turkish Liras ($330 million).

Türk Telekom currently holds 90 percent shares of Avea, Turkey's third largest cell-phone operator with around 20 percent market share and 16 million customers.

Rami Aslan, CEO of Türk Telekom, stated the acquisition of all Avea shares is an important step for the group to have an effective and integrated sales strategy.

Avea was founded in 2004 through the merger of two former cellphone operators, Türk Telekom's Aycell and Aria, founded by Turkey's largest private lender İş Bank and Telecom Italia Mobile (TIM).

Privatized in 2005, Türk Telekom has around 80 percent market share and is the sole fixed-line network operator in Turkey with 13.3 million fixed line and 7.5 million broadband subscribers, through there are minor service providers. Turkish Treasury still holds 30 percent stake in Türk Telekom, 55 percent is owned by Saudi Oger Telecom and 15 percent shares are listed in Borsa Istanbul (BIST).