[bloomberg] Vodafone Group Plc agreed to buy Turkey’s Borusan Telekom AS, which provides fixed-line and Internet connections, to help improve third-generation services, said Serpil Timuray, Vodafone’s chief executive for Turkey.
The acquisition will give Vodafone Turkey access to Borusan’s fiber-optic network, increasing the speed and quality of connections between mobile base stations and lessening the company’s dependence on Turk Telekomunikasyon AS’s network, the largest in Turkey.
Timuray, speaking at a press conference in Istanbul, said the acquisition will help Vodafone add corporate clients for fixed-line and mobile services. She didn’t disclose the price of the purchase and said it’s subject to approval by regulators. Vodafone said in a filing that the Turkish company had sales of $70 million this year.
Borusan Telekom was valued at about $77 million when its owner, Borusan Holding AS, held talks on selling the unit to India’s Dhanus Technologies Ltd. Those negotiations broke down in early 2008.
Vodafone Buys Turkey’s Borusan Telekom for 3G Service