Some state-seized assets of local Çukurova group may be sold soon

ISTANBUL – Reuters

The Savings Deposit and Insurance Fund seized control of Digiturk in May, along with many other companies belonging to troubled conglomerate Çukurova Holding, citing the group’s debts. DHA photo

An offer appears to have been made in the sale process of a 53 percent stake of Digiturk, belonging to troubled conglomerate Çukurova, with some of the group’s media assets expected to be sold to Turkish businessman Ethem Sancak, according to a source close to the matter.

“It is early to talk about the sale of Digiturk as the process has not been finalized yet. There are some six or seven candidates to own the company, but the most solid bid has been offered by the U.S. Providence Equity Partners, which also owns 47 percent of Digiturk,” the source said, adding that the company could be worth at around $1.7-1.8 billion.

The Savings Deposit and Insurance Fund (TMSF) seized control of Digiturk in May, along with many other companies belonging to troubled conglomerate Çukurova Holding, citing the group’s debts.

Doğan TV Holding has submitted a non-binding offer worth $742 million to buy a 53 percent stake of the company. Türk Telekom also submitted a non-binding offer to buy a 53 percent stake in the company in July, but the Çukurova Group found Türk Telekom’s $530-million offer too low, the TMSF said.

Just after the TMSF had seized the group companies, Show TV was first sold to Ciner Group in June for $402 million.

Now some 11 other media assets of the group, including Skyturk360 and daily Akşam, will most probably to be sold to Ethem Sancak, chairman of Hedef Alliance.

“We had reached a non-binding agreement, but we have not signed an agreement yet. After we ink the deal, we’ll announce the details,” Sancak said on Oct. 23.