Thursday, 18 January 2018

Ooredoo and Turk Telekom in fresh talks over stake acquisition

By Chris Kelly, Total Telecom
Wednesday 03 January 18

Turk Telekom has already been the subject of a Ooredoo bid in November 2017

Ooredoo has held talks with Turkish operator, Turk Telekom, about acquiring a stake in the company, but discussions have so far proved fruitless. "Following recent reports in some Qatari media regarding Ooredoo&rsquo…

Ooredoo has held talks with Turkish operator, Turk Telekom, about acquiring a stake in the company, but discussions have so far proved fruitless.

"Following recent reports in some Qatari media regarding Ooredoo’s interest in acquiring a stake in Turk Telekom, Ooredoo would like to clarify that, while there were some initial discussions, these did not progress to the negotiation stage," read a company statement to the Qatari stock exchange.

Ooredoo originally inquired about obtaining a stake in Turk Telekom's parent company back in November, when it faced stiff competition from Saudi Telecom.

Turk Telekom currently accounts for around a quarter of the Turkish market, lagging behind Turkcell and Vodafone in terms of national coverage.

Ooredoo has played a key role in bringing superfast connectivity to the Middle East, already rolling out full fibre connectivity to 71% of residents in its native Qatar. This initiative won Ooredoo the Broadband Pioneer award at this year's World Communication Awards in London.    

The firm is continuing its plans to expand abroad and acquiring a stake in Turk Telekom would give Ooredoo a significant launching pad to move towards potential markets in Europe. 

Ooredoo's share price on the Qatari stock exchange has surged from below 80 QAR at the beginning of December, to 91.76 QAR today. 

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