Turkish Banks Take Over Largest Phone Operator After Default - Bloomberg

Turkish Banks Take Over Largest Phone Operator After Default - Bloomberg:

A group of Turkey’s major banks took control of Turk Telekom AS, the nation’s largest phone company, setting it up for a likely sale after previous owner Otas defaulted on a multi-billion-dollar loan.

Akbank TAS will hold 35.6 percent of the special purpose vehicle set up to take on Otas’s 55 percent controlling stake, Turkiye Garanti Bankasi AS will have 22.1 percent of that entity, and Turkiye Is Bankasi AS’s share is 11.6 percent, according to filings Saturday. The other owners haven’t been disclosed, though almost 30 local and international banks signaled earlier this year that they’d participate in the SPV.

The lenders intend to sell the controlling stake, according to a separate statement from Lazard Ltd., which advised them on setting up the SPV. The lenders had previously signaled their plans to take control, with Akbank’s chief executive officer saying earlier this month that they intended to sell Turk Telekom to a “reasonable investor” rather than operate it themselves.