"As consumers and businesses increase their reliance on data, connectivity, and technology in the post-pandemic world, Turkcell has an incredible potential to capitalize on this trend," Zafer Sonmez, managing director of the fund, said at a press release.
Within its portfolio, Turkcell has an international mobile and fixed telecom business with more than 47 million customers.
The transaction is expected to close during the second half of 2020, subject to obtaining regulatory clearances, the release added.
After completion of the transaction, the TWF would become the largest shareholder in Turkcell and gain effective control over the board of directors, it said.
"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," Sonmez noted.
"We strongly believe that Turkcell will remain as a performance-driven entity and its financial results will be positively affected by our contribution through resolving the decades-long shareholder governance issues," Sonmez added.
The TWF's transaction agreements in acquiring the shares of Turkcell also included Telia Company, a global new generation telco based in Sweden. Telia divests its indirect stake at Turkcell for 530 million U.S. dollars and exits the company, according to the TWF.
The TWF was established in 2016 to improve economic stability in Turkey. It currently holds all or parts of shares of several major Turkish companies, including Turkey's flag carrier Turkish Airlines and telecommunication giant Turk Telekom.
Earlier, the fund told Xinhua that it pays the utmost attention to Chinese businesses, investors, and financial institutions for building a strong bridge between Turkey and China.
Sonmez has made it clear on several occasions that the TWF has been implementing "a revised and redefined strategy" towards Asia, with China at the heart of this plan.
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