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Alfa Telecom Offers to Sell Turkecell Stake for $2.7 Billion

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Russia's Alfa Telecom has indicated that it is willing to sell its stake in Turkcell for USD2.7 billion in a move which could finally resolve a long running legal dispute.

In a statement to the stock exchange, Alfa Telecom said that it would consider selling its 13.22 percent indirect stake in Turkcell to Turkey's Çukurova and Ziraat Bank.

Alfa Telecom has long been in a dispute with Çukurova and was ordered by a court two years ago to sell a separate 13.8 percent stake to Çukurova for USD1.6 billion. That was financed by a loan from Ziraat Bank, which has not been repaid.

Alfa's announcement is seen as possibly putting pressure on Çukurova to finally settle the dispute, but comes ahead of anther ruling from the UK-based arbitration court, which might go against Alfa Telecom.

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Tags: turkcell  Turkey