Turk Telekom said that they have made a US$350 million offer to buy a 53% stake in Digiturk, a Turkish digital pay-TV operator.
Last May, the state agency, Turkey's Savings Deposit Insurance Fund, also known as TMSF, took control of Digiturk and a few dozen other companies that belonged to the conglomerate Cukurova Group. The seizure was in connection to the losses of a bank that Cukurova Group owns. Providence Equity Partners, a US private equity group, owns 47% of Digiturk.
"We've only received one non-binding bid from a single company, and that is a $530 million bid for Cukurova's stake, bringing the total value to $1 billion. It is Turk Telekom's bid," Turkey's Savings Deposit Insurance Fund head, Sakir Ercan Gul, told Sky 360 television.
Gul also said that there are three or four other companies that are showing interest in Digiturk. Potential bidders include the Turkish conglomerate, Dogus Group.
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