Turkey Wealth Fund to acquire a 55% stake in Turk Telekom from LYY Telekomunikasyon for $1.65bn.

Turkey Wealth Fund, a sovereign wealth fund, agreed to acquire a 55% stake in Turk Telekom, a telecommunications company, from LYY Telekomunikasyon, for $1.65bn. “As TWF, we focus on creating value in line with our mission as an asset-based development fund. Our primary goals include maximizing the value of our assets and supporting the emergence of regional and global leading companies from Turkey. Türk Telekom is such a company that aligns with our strategies and objectives with its potential and brand value," Arda Ermut, TWF CEO.