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Turkish banks takeover telecom company following default

Turkish banks, including Akbank TAŞ, Türkiye Garanti Bankası AŞ and Türkiye İş Bankası AŞ, took over Turkish telecom provider Türk Telekomünikasyon Anonim Şirketi after its owner, Otas, a company set up by Oger Telecom Ltd., defaulted on a $4.7 billion syndicated loan it took from 29 banks, Bloomberg reported.

Akbank will hold a 35.6% stake, Turkiye Garanti a 22.1% stake and Turkiye Is an 11.6% stake in the special purpose vehicle that will acquire Otas' 55% stake in the telecom company, the publication reported, citing filings.

The banks intend to sell the stake, Bloomberg reported, citing Lazard, which advised them on setting up the SPV.

The other owners have not been disclosed, though multiple banks were reportedly in discussions to join the SPV.