Saudi Telecom Co. (STC) is looking to buy Dubai-based Oger Telecom’s 55 percent stake in fixed-line operator Turk Telekom, worth $3.9 billion, Reuters reported, citing sources familiar with the matter.
If STC’s negotiations fail, the Turkish government might acquire the stake, the sources added.
The sale comes after Oger, a subsidiary of construction giant Saudi Oger, missed debt repayments worth $290 million in September and March.
STC has shown a clear interest in the acquisition, one of the sources said, adding that several other Gulf companies are interested but only STC has entered negotiations.
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