Major Turk banks acquired Turk Telecom.

A group of Turkey’s major banks took control of Turk Telekom AS, the nation’s largest phone company, setting it up for a likely sale after previous owner Otas defaulted on a multi-billion-dollar loan. Financial terms were not disclosed. Akbank TAS will hold 35.6% of the special purpose vehicle set up to take on Otas’s 55% controlling stake, Turkiye Garanti Bankasi AS will have 22.1% of that entity, and Turkiye Is Bankasi AS’s share is 11.6%, according to filings Saturday. The other owners haven’t been disclosed, though almost 30 local and international banks signaled earlier this year that they’d participate in the SPV.