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55% Turk Telecom stake secured by Telecom Italia and Saudi Oger.

TELECOMWORLDWIRE-5 July 2005-55% Turk Telecom stake secured by Telecom Italia and Saudi Oger(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Saudi-Lebanese telecomms and construction company Saudi Oger has announced that it has headed a consortium, including Telecom Italia, which has successfully made an offer for a 55% stake in Turk Telekom, a Turkish-based fixed-line operator.

Saudi Oger and Telecom Italia won the auction with a bid of USD6.55bn against a consortium headed by Etisalat, based in the United Arab Emirates.

Oger Telecom, the newly created joint venture between the two companies, is controlled by Saudi Oger through an investment vehicle with Telecom Italia initially investing USD200m as a minority partner, reported Telcoms.com. Turk Telekom's fixed-line business is to be managed by Oger Telecom and BT Teleconsult, and Saudi Oger and Telecom Italia will focus on Avea's mobile operations.

According to Telecoms.com, upon completion of the privatisation Telecom Italia and Oger will sign a four-year Technical Assistance Agreement with Avea, in which Telecom Italia also has a 40% holding.

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Comment:55% Turk Telecom stake secured by Telecom Italia and Saudi Oger.
Publication:Telecomworldwire
Article Type:Brief Article
Geographic Code:7TURK
Date:Jul 5, 2005
Words:185
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