Sonera Holding B.V., a wholly owned subsidiary of Sweden's Telia Company AB, has launched an accelerated bookbuilding offering for institutional investors of approximately 153.5 million shares in Turkey’s largest mobile operator Turkcell, representing approximately 7.0% of Turkcell’s issued share capital, Telia announced in a statement on September 18.
Telia Company’s total interest in Turkcell is approximately 31% of its issued share capital, comprising of a 7% direct stake and a 24% indirect stake. If all offered shares were sold, Telia Company would retain only its 24% indirect stake.
"The proposed sale of a portion of Telia Company's shareholding in Turkcell is consistent with the strategy to focus on operations in the Nordics and Baltics," Telia said.
The transaction is expected to settle on September 21. BofA Merrill Lynch, Citi and UBS are acting as joint bookrunners for the offering.
In May, Telia sold 155mn shares, representing a 7% direct stake in Turkcell.
The net income of Turkcell increased by 69% y/y to TRY459mn (€110mn) in the second quarter of 2017. Consolidated revenues rose by 27% y/y to TRY8.37bn in the first half.
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