Home Business VTB and the “Alfa Group” Agree Joint Investment in Turkcell

VTB and the “Alfa Group” Agree Joint Investment in Turkcell

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On Monday, the Russian VTB bank agreed with the “Alpha Group” Consortium the joint investment in the Turkcell Company, the leading mobile operator in Turkey.

That statement was released prior to the deadline, scheduled for mid-November to settle the dispute between the Russian billionaire Mikhail Fridman and the founder of the Turkcell Company Mehmet Emin Karamehmet regarding the control over of the Turkish mobile operator.

The “Alfa Group”, which is part of Mr. Friedman’s business empire, mired in an over-ten-year battle for controlling over the Turkcell against its partner Çukurova, being under Mr. Karamehmet’s command.

In July, the London Court rejected the claim against Mr. Friedman and demanded the Çukurova Company to decide upon within 60 days whether to buy out Mr. Friedman’s share in the Turkcell for USD 2.7 billion, or to sell its own share to Mr. Friedman for USD 2.8 billion.

In September, the Court postponed the date of settling dispute from September 19 for another 60 days.

Mr. Friedman indirectly holds 13.2% of stakes in the Turkcell, while Mr. Karamehmet indirectly owns 13.8% of stakes. The Swedish phone company “Telia Company” owns the remaining 37%.

The VTB’s statement refers to the bank’s intention to invest in the Turkcell along with the “Alfa Group” in view of a possible “Alfa Group”’s increasing share in the operator.

The VTB press office declined to disclose details of the financial terms of a possible investment.

The bank’s press release remarks that such deals represent the bank’s ambitions to diversify its investment and loan portfolios.

As the Mediasat featured before, in August, the London Court of International Arbitration rejected the claim against the LetterOne (L1), an international investment company of the Russian billionaire Mikhail Fridman, filed by Turkish companies and Çukurova Ziraat.

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