Russia's VTB Group and Alfa Group have agreed on a share purchase from Turkey's leading telecom operator Turkcell, the VTB Group said in a statement. This decision came ahead of the deadline granted for the solution of the dispute between Russian billionaire Mikhail Fridman and Turkcell founder Mehmet Emin Karamehmet over the control of Turkish telecom operator Turkcell. The time frame granted for the solution of the said dispute expires in November.
Alfa Group, one of several companies owned by Russian billionaire Fridman, has been in dispute with the Çukurova Group, which was co-founded by Karamehmet, for nearly a decade over Turkcell's control.
According to a British arbitration court's decision dated September 19, within 60 days, Çukurova has to buy Fridman's Turkcell shares worth $2.7 billion or sell their own shares to Fridman for $2.8 billion.
While Fridman indirectly has a share of 13.2 percent in Turkcell, Karamehmet's shares in Turkcell stand at 13.8 percent indirectly. Swedish telecom operator Telia, on the other hand, has a 37 percent stake in the company. The VTB said in a statement that the reason behind the VTB and Alfa's investments in Turkcell is related to the "Alpha Group's possibility to increase its share in Turkcell." The VTB Group's corporate communications department did not give further details about the financial terms of the deal. The corresponding bank statement indicates that the involvement of the VTB Group reflects its intention to diversify its investment and loan portfolios. LetterOne, which serves as a mediator in Friedman's investments, did not comment on the VTB's statement.
Source: http://www.dailysabah.com/money/2016/11/09/russian-vtb-group-alfa-group-agrees-to-invest-in-turkcell