ISTANBUL, June 18 (Reuters) - The Turkey Wealth Fund (TWF) will assume Cukurova’s $1.6 billion debt to Ziraat Bank as part of its agreement to acquire 26.2% of mobile phone operator Turkcell, TWF Chief Executive Zafer Sonmez said on Thursday.
Sonmez told reporters that the TWF could refinance the loan but hasn’t decided yet.
The TWF announced overnight that it would gain effective control over the Turkcell board of directors after the transaction, under which Sweden’s Telia is divesting its 24.02% indirect stake in Turkcell for $530 million. (Reporting by Can Sezer and Ebru Tuncay Writing by Daren Butler Editing by Ali Kucukgocmen)
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