Turkey’s Wealth Fund Mulls Buying LetterOne’s Turkcell Stake
- TWF reached out to LetterOne to discuss buying the 19.8% stake
- LetterOne is partly owned by Russian tycoons Fridman, Aven
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Turkey’s sovereign wealth fund is considering buying the minority stake in Turkcell Iletisim Hizmetleri AS held by LetterOne Holdings SA, which is partly-owned by sanctioned Russian billionaires Mikhail Fridman and Petr Aven, according to people familiar with the matter.
The wealth fund, also known by its initials TWF and the biggest holder in Turkcell, has approached LetterOne to discuss a potential offer for its 19.8% stake, the people said. It’s unclear whether LetterOne is interested in selling its stake in the country’s largest wireless carrier by market value, the people said, asking not to be identified as the conversations remain private.