Turkcell says looking at bid for Syriatel Mobile
Turkey's leading mobile phone operator Turkcell TCELL.IS said on Monday it had decided to start the necessary work to bid for a controlling stake in Syriatel Mobile Telecom. Turkcell said in a statement to the stock exchange it was looking at buying a stake of at least 51 percent in the company. Syriatel has 2.3 million customers and a 55 percent market share in Syria, according to the firm's website. Its majority shareholder is Syrian businessman Rami Makhlouf. Turkcell has said before it is interested in expanding in the Middle East, eastern Europe and central Asia but has been outbid recently in several projects in those regions, including tenders in Kuwait and Saudi Arabia. Turkcell, one of Turkey's largest firms by market capitalisation, is owned by Nordic telecoms firm TeliaSonera, unlisted Turkish conglomerate Cukurova and Russian private equity firm Altimo.
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