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Turkcell hires Citigroup Inc. , HSBC Holdings Plc to acquire Fintur Holdings

20 November 2015 18:40 (UTC+04:00)
Turkcell hires Citigroup Inc. , HSBC Holdings Plc to acquire Fintur Holdings

By Vusala Abbasova

Turkey’s largest mobile operator, Turkcell announced that it will hire Citigroup Inc. and HSBC Holdings Plc to consult on the issue of acquisition of the portion of TeliaSonera AB’s Fintur Holdings, according to Trend.

Recently, Turkcell Chief Executive Officer Kaan Terzioglu has confirmed that Turkcell has picked two advisers for the transaction, however, declined to name them.

The Turkish mobile operator has a 41.45 percent in Rotterdam-based Fintur Holding, while the rest 58.55 percent belongs to TeliaSonera group of companies.

Simultaneously, TeliaSonera AB owns 38 percent of Istanbul-based Turkcell. The other shareholders of the Turkish operator are Russian billionaire Mikhail Fridman’s Alfa Group and Cukurova Holding AS of Turkey.

The TeliaSonera AB, which operates both in European and Eurasian markets, has recently announced its desire for limiting its presence in Eurasia region under the new strategy in order to increase its focus on Europe and Sweden.

As of September 30, Fintur Holdings had 17.6 million users in the four countries it operates, almost half as many customers as Turkcell has in Turkey. Its revenue fell to $346 million in the third quarter from $479 million year earlier, according to Turkcell’s website.

Terzioglu has recently told reporters in Istanbul about its willingness to gain control of Fintur, which runs mobile businesses in Kazakhstan, Azerbaijan, Moldova and Georgia, "in 2016 if all the negotiations go well" as he said.

Turkcell plans to make acquisitions in nearby markets, with a focus on North Africa, the Balkans and Central Asia, to accelerate growth, Terzioglu said.

The company intends to become the largest mobile operator by sales in Turkey until the end of 2018 within a three-year plan for expansion, Chief Executive Officer added.

HSBC Holdings Plc is one of the world’s largest banking and financial services organization serving some 48 million customers. It aims to be acknowledged as the world’s leading international bank.

Headquartered in London, HSBC operates through long-established businesses and an international network of around 6,100 offices in 72 countries and territories.

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services.

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