UAE-based Gulf Capital sells 70% stake in Turknet

Value of transaction undisclosed

  
A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. Image for illustrative purpose

A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. Image for illustrative purpose

REUTERS/Ahmed Jadallah

Abu Dhabi investment firm Gulf Capital on Monday said it has successfully completed the sale of a 70 percent stake in broadband service provider Turknet.

The consortium of buyers includes Celebiler Family and Re-Pie Portfoy Yonetimi A.S, the company said in a statement.

Gulf Capital did not disclose the value of the transaction, but it said the sale generated a significant return for its Credit Opportunities Fund.

The firm currently manages over $2.5 billion in assets across seven funds and investment vehicles.

During Gulf Capital’s seven-year long ownership, Turknet increased its subscriber base by over 200 percent and its earnings before interest, taxes, depreciation and amortisation (EBITDA) by over 150 percent.

Gulf Capital’s support also helped roll out a hyper-fast broadband network in Turkey.

“Our investment in Turknet was part of Gulf Capital’s strategy to back talented management teams that lead promising companies in high-growth sectors, especially those that support the global digitalisation trend,” said Karim El Solh, chief executive officer of Gulf Capital.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities