Turkish Banks Hire Morgan Stanley to Sell Turk Telekom Stake

A group of Turkish banks hired Morgan Stanley as financial adviser to sell their 55% stake in the country’s largest phone company, Turk Telekomunikasyon AS, Bloomberg News reported. The carrier’s shares rose more than 4%. The three banks -- Turkiye Is Bankasi AS, Akbank TAS and Turkiye Garanti Bankasi AS -- took control of Turk Telekom in December, setting it up for a likely sale after previous owner Otas defaulted on a multi-billion-dollar loan. The plan is to sell special purpose vehicle Levent Yapilandirma Yonetimi AS -- which holds the 55% stake in Turk Telekom -- or the stake that it holds, according to separate statements to Borsa Istanbul. Turkish brokerages Ak Investment, Garanti Securities and Is Investment will act as local advisers. Turk Telekom reversed a daily decline in Istanbul, closing up 4.2% at 5.66 liras, its highest since Sept. 5. Read more