Turkey Wealth Fund in Talks to Buy Turk Telekom Stake from Banks

Turkey’s wealth fund said it is in talks to acquire a majority stake in the country’s second-biggest telephone company, in a potential deal that would make it the largest shareholder in two of the nation’s top telecom operators.

The fund, known as TWF, said on Friday it entered negotiations with with LYY Telekomunikasyon AS, which represents banks that hold a 55% stake in Turk Telekomunikasyon AS.

Turkey’s Wealth Fund Seeking Majority Stake in Telecom Giant

The creditors seized those shares in Turk Telekom almost three years ago after its previous owner defaulted on a multi-billion-dollar loan. Bloomberg reported September that ...