Turkey Wealth Fund and LetterOne to acquire a 48.82% stake in Turkcell from Telia for $530m.

Turkey Wealth Fund, a sovereign wealth fund, and LetterOne, an international investment company, agreed to acquire a 48.82% stake in Turkcell İletişim Hizmetleri, a telecoms and technology company, from Telia, a Swedish telecommunications company and mobile network operator, for $530m. "We strongly believe that Turkcell will remain as a performance-driven entity and its financial results will be positively affected with our contribution through resolving the decades-long shareholder governance issues," Zafer Sönmez, Turkey Wealth Fund CEO and Board Member.