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UPDATE 1-Telia to sell remaining 7 pct direct stake in Turkcell
September 18, 2017 / 3:59 PM / a month ago

UPDATE 1-Telia to sell remaining 7 pct direct stake in Turkcell

(Adds detail)

Sept 18 (Reuters) - Nordic telecom group Telia Company launched on Monday an offer to sell its remaining direct stake in Turkish operator Turkcell to institutional investors as part of a bid to focus on core markets.

* Will remain Turkcell’s largest owner in economic terms after the proposed sale, through its indirect holding

* Launches accelerated bookbuilding offering to institutional investors of 153.5 million shares or 7.0 pct of Turkcell’s issued share capital

* Telia’s current interest in Turkcell totals 31.0 pct of its issued share capital, comprising a 7.0 pct direct stake and a 24.0 pct indirect stake

* If all offered shares are sold, Telia will retain only the 24.0 percent indirect stake​

* Says proposed sale is consistent with its strategy to focus on the Nordics and Baltics

* Says expects to settle transaction on Sept. 21, with BofA Merrill Lynch, Citi and UBS acting as joint bookrunners

* Telia in May sold another 7.0 percent direct stake in Turkcell to institutional investors​ Source text for Eikon: Further company coverage: (Reporting by Anna Ringstrom)

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