Turkey's Cukurova says it paid Alfa Group to recover disputed Turkcell stake

ISTANBUL, July 31 Thu Jul 31, 2014 12:25pm EDT

ISTANBUL, July 31 (Reuters) - Cukurova Holding said on Thursday it paid Russia's Alfa Group $1.6 billion to recover a disputed stake in Turkcell, taking a major step towards regaining control of Turkey's biggest mobile phone operator after a seven-year-long battle.

Istanbul-based Cukurova signed a loan agreement with state-run lender Ziraat Bank in connection with the Alfa Group payment, the company said in a statement to the Istanbul Stock Exchange. It did not disclose the amount of the deal.

(Reporting by Humeyra Pamuk)