UAE - Mubasher: The UAE-based Gulf Capital, an alternative investment company, has completed the sale of its 70% stake in Turknet Iletisim Hizmetleri, an alternative internet service provider in Turkey, to a consortium of buyers.
The consortium includes Celebiler Family and Re-Pie Portfoy Yonetimi, according to a press release on Monday.
The sale resulted in a significant return for Gulf Capital Credit Opportunities Fund which offers growth capital to companies in the Middle East, North Africa, and Turkey.
Led by Cem Celebiler, Gulf Capital’s ownership has enabled Turknet to raise its subscriber base by more than 200%, achieving a return on the Turkish company's invested capital.
Commenting on the transaction, the CEO of Gulf Capital, Karim El Solh, said: "After a seven-year holding period, we believe it is the right time for us to exit and realise value for our investors, while at the same time paving the way for the Company’s next-stage growth."
Meanwhile, the CEO of Turknet, Cem Celebiler, remarked: "This acquisition will bring the Celebiler Family into a majority position in Turknet, reflecting our strong confidence in the future of the Company and the growth opportunities presented by the Turkish broadband space."