Jan. 29, 2021 11:55 AM ETVEON Ltd.
* LetterOne, majority owner of VEON,
has recently also increased its stake in Turkcell Iletisim Hizmetleri A.S., a full service telco operator with activities in Turkey, Belarus, Ukraine and the Netherlands.
* VEON and Turkcell are bound to work together more, and,
if they were merged completely, would form an emerging markets heavy-weight with around 250 million subscribers in 12 countries.
*
LetterOne could buy more of the Turkcell free float, but they have to ensure buy-in from the Turkish Wealth Fund, presided over by Erdogan, which controls the Turkcell board.
* Even in the current setup,
VEON and Turkcell are of value to each other. Synergies are easily found.
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.
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More specifically, it looks at how VEONs prospects are tied to the majority shareholder, LetterOne, and Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC). LetterOne is, as it happens, also the owner of a large stake in Turkcell. That
stake increased from ~13% to 19.8% since the Turkcell General Assembly Meeting on October 21st 2020 approved a major ownership restructuring. This article explores how the two operators VEON and Turkcell, in which LetterOne has stakes, already complement each other quite well. And also, it shows that if they were to tighten their bond further, they would ****tly become a true emerging market powerhouse.
https://seekingalpha.com/article/440...s-power-couple
Originally Posted by Geko01
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