In Selling It's Fintur Shares, Turkcell is Further Focused on Global Growth Through Digital Services
December 12 2018 - 2:02PM
Business Wire
Turkcell (NYSE:TKC) (BIST:TCELL) has taken another big step in
its vision of becoming the world’s leading digital operator.
Company’s transformation strategy from an infrastructure provider
to an international experience provider reached another milestone
today, with the signing of a binding agreement with respect to the
transfer of its shares in its 41.45% owned subsidiary Fintur
Holdings B.V. ("Fintur") to Sonera Holding B.V. The transfer of
shares is expected to be completed following the transfer of
Fintur's subsidiary Kcell JSC to Kazakhtelecom and obtainment of
other regulatory approvals. The final value of the transaction will
be finalized following the respective adjustments. Based on the
calculation over Fintur's financials as of November 30, 2018, the
value of the transaction is anticipated to be approximately EUR 350
million. Following the transaction, Turkcell will continue focusing
on investments providing growth through digital services in the
global arena.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181212005759/en/
From left, Turkcell CFO Osman Yilmaz,
Chairman of the Board of Kazakhtelecom Kuanyshbek Yessekeev,
Turkcell CEO Kaan Terzioglu, Telia Company Senior Vice President
and Head of Cluster Lithuania, Estonia and Denmark, and Region
Eurasia Emil Nilsson.(Photo: Business Wire)
“An important step to become the world’s leading digital
operator”
Turkcell CEO Kaan Terzioglu stated the following: "Here
in Astana, we announce an important milestone towards our Company's
focus on digital services and strong balance sheet strategies. We
have been working for over one year on the divestment of Fintur, in
which we are a minority shareholder. As a first step, Fintur sold
Kcell. Following that, as Turkcell we signed a binding agreement
with respect to the transfer of our shares in our 41.45% owned
subsidiary Fintur to our partner Telia for approximately EUR 350
million. We anticipate that the cash proceeds from this
transaction, which is expected to be completed in January 2019,
will lower our Net Debt/EBITDA ratio below 1.5 times and our
limited short FX position will turn into a long position. Subject
to the FX rates and balance sheet position on the closing date, the
contribution of this transaction to Turkcell's profitability is
expected to be approximately TRY 850 million. We will continue
investing in accordance with our digital services and growth focus
with the proceeds generated through this transaction. We’ve been
adopting ourselves to this new vision for almost 4 years. And this
vision made us one of the fastest growing operators in the global
market. In addition to our brand; our technology, digital services
portfolio, human capital and our stronger than ever balance sheet
will support our vision to become the world’s leading digital
operator."
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version on businesswire.com: https://www.businesswire.com/news/home/20181212005759/en/
Ali KarakayaTurkcell Corporate Communications
Managerali.karakaya@turkcell.com.tr+90 532 210 00 23orBurak
MergenTurkcell Corporate
Communicationsburak.mergen@turkcell.com.tr+90 532 210 60 20orBugra
KayaTurkcell Corporate Communicationsbugra.kaya@turkcell.com.tr+90
532 210 19 75
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