August 17, 2018 / 5:24 AM / 8 months ago

Turkish authority approves transfer of 55 pct Turk Telekom stake to SPV

ISTANBUL, Aug 17 (Reuters) - Turkey’s BTK communications authority has approved the transfer of a 55 percent stake in Turk Telekom owned by Ojer Telekom (OTAS) to a special purpose vehicle (SPV) set up by creditor banks, Turk Telekom said on Friday.

The owner of the 55 percent stake had failed to keep up payments on a $4.75 billion loan it took out to acquire the stake in the Turkish fixed-line operator and creditor banks decided to set up the SPV to take over the stake. (Reporting by Ebru Tuncay; Editing by Daren Butler)

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