Vodafone Turkey to Acquire Koc.net
Vodafone Turkey today announced that it has agreed terms with the Koç Group to acquire Koç.net1 for a cash consideration of TRY30 million (£11 million2). Koç.net provides fixed voice and data services to enterprise customers and will enable Vodafone Turkey to enter the ADSL market for the first time.
The transaction supports Vodafone Turkey’s strategy to expand its enterprise division, which saw growth of 36 per cent in the financial quarter ending 30 June 2011. It follows Vodafone Turkey’s acquisition of business telecommunications provider, Borusan Telekom, early last year.
The transaction is subject to Turkish Competition Authority approval and is expected to complete in the fourth calendar quarter of 2011.
For further information:
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Vodafone is one of the world's largest mobile communications companies by revenue with approximately 382 million customers in its controlled and jointly controlled markets as at 30 June 2011. Vodafone currently has equity interests in over 30 countries across five continents and more than 40 partner networks worldwide. For more information, please visit www.vodafone.com.
Koç.net was established in 2000 to develop a wide area network and internet infrastructure for the Koç Group, the leading conglomerate in Turkey with a turnover of US$36 billion in 2010. Koç.net later became a leading alternative operator by expanding its scope and services following the liberalisation of the Turkish telecommunications market in 2004, and achieved a leading position in the market due to its customer focus. Since 2008, Koç.net has provided ADSL and phone services to consumers under the BiRi brand.
1 Koçnet Haberleşme Teknolojileri ve İletişim Hizmetleri A.Ş.
2At an exchange rate of £:TRY 2.79