ISTANBUL: Turkey's state-owned wealth fund, TWF, said Thursday it has acquired a controlling stake in the country's leading GSM operator Turkcell, via the purchase of shares held by Swedish company Telia for $530 million.

The transaction means that TWF, Turkey's key investment arm, will be the largest shareholder in Turkcell and have effective control over its board of directors, the fund said in a statement. The deal is expected to close during the second half of 2020, subject to obtaining regulatory clearances.

"We intend to support Turkcell management in its focus on innovation and their strategic initiatives such as 5G infrastructure while the company continues its pioneering role in product and services innovation," said TWF chief executive Zafer Sonmez.-AFP