Zacks.com submits:
Vodafone Group Plc (VOD), the largest wireless carrier in the world by revenue, is reportedly buying the entire stake in the Turkish fixed-line voice and Internet service provider Borusan Telekom. However, the UK-based telecom titan has not provided financial details of the deal. The acquisition is subject to the approval of the Competition Board and the Capital Markets Board (“SPK”) of Turkey.
The enterprise focused Borusan Telekom is a subsidiary of Borusan Holding, one of the largest industrial conglomerates in Turkey. Borusan Telekom has a leading share in the enterprise fixed-line telecom market and has more than 3,000 corporate customers. The operator had gross assets of $18 million and net revenues of $70 million at the end of 2008.