July 26, 2013 / 7:00 AM / 4 years ago

Turk Telekom bids $530 mln for Digiturk stake -regulator

1 Min Read

ISTANBUL, July 26 (Reuters) - Turk Telekom has offered $530 million to buy a 53 percent stake in Turkish digital pay-TV operator Digiturk, the head of the state agency which controls the television company said late on Thursday.

Turkey's Savings Deposit Insurance Fund (TMSF) seized control in May of Digiturk and dozens of other companies belonging to troubled conglomerate Cukurova Group in connection with losses at a bank it owns.

"We've only received one non-binding bid from a single company, and that is a $530 million bid for Cukurova's stake, bringing the total value to $1 billion. It is Turk Telekom's bid," TMSF head Sakir Ercan Gul told Sky 360 television.

Gul said there were three or four other interested parties including Turkish conglomerate Dogus Group.

U.S. private equity group Providence Equity Partners own 47 percent of Digiturk. (Reporting by Ebru Tuncay; Writing by Seda Sezer; Editing by Nick Tattersall and Elaine Hardcastle)

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