STC in talks to buy stake in Turk Telekom: report

26/08/2017 Argaam

Saudi Telecom Co. (STC) is looking to buy Dubai-based Oger Telecom’s 55 percent stake in fixed-line operator Turk Telekom, worth $3.9 billion, Reuters reported, citing sources familiar with the matter.

 

If STC’s negotiations fail, the Turkish government might acquire the stake, the sources added.

 

The sale comes after Oger, a subsidiary of construction giant Saudi Oger, missed debt repayments worth $290 million in September and March.

 

STC has shown a clear interest in the acquisition, one of the sources said, adding that several other Gulf companies are interested but only STC has entered negotiations.

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