In the related announcement dated December 17, 2021, it was announced that the negotiations regarding the sale of Türk Telekomünikasyon A.Ş.'s (Türk Telekom) 55% stake owned by LYY to Türkiye Wealth Fund (TVF) had commenced between the parties (TWF and LYY).
According to the statements made on the Public Disclosure Platform on March 10, 2022 by TVF and Akbank T.A.Ş., Türkiye Garanti Bankası A.Ş. and Türkiye İş Bankası A.Ş. which are the shareholders of LYY; it has been announced that a Share Transfer Agreement was signed between LYY and TWF on March 10, 2022, for the sale of 192,500,000,000 Group A registered shares, corresponding to 55% of Türk Telekom's capital owned by LYY, to TVF for a price of USD 1,650,000,000.
Separately, the parties have agreed that the dividend amount relating to the shares subject to sale, will be paid to LYY. The dividend to be distributed will be determined by the Türk Telekom General Assembly based on the Company's fully audited 2021 Full Year Consolidated Financial Statements.
As per today's announcements, the share transfer process will follow the necessary legal approvals and the completion of prerequisites listed in the Share Transfer Agreement.
In its announcement today TVF said; "This acquisition reflects our positive view on the compelling long-term prospects of the Turkish telecommunications sector as well as our conviction for the sustainability of Türk Telekom's strong market position, brand value, superior asset quality & human capital and diversified business model in addition to its robust financial and operational performance".
The link to announcement by Turkey Wealth Fund is below :
https://www.tvf.com.tr/en/contact/disclosures/2022/twf-and-lyy-have-signed-a-spa-to-purchase-the-majority-shares-of-turk-telekom
https://www.kap.org.tr/tr/Bildirim/1009132