ISTANBUL (Reuters) - Russia's Alfa Telecom offered $2.8 billion (2 billion pounds) on Tuesday to buy back a 13.76 percent stake of Turkcell (IS:TCELL), a deal that would double its holding in Turkey's top mobile operator after a seven-year battle for control of the company.
Alfa Telecom said in a statement it had offered $54.9 million per share for 51 of Turkcell's class-B shares, which are being held with Turkey's state-run Ziraat Bank as collateral for a loan.
Alfa has been locked in a battle with one of Turkcell's founder's, Mehmet Emin Karamehmet, for control of the mobile operator.
Last year, a holding company controlled by Karamehmet, Cukurova Holding, paid Alfa $1.6 billion for the stake in Turkcell, financing its offer through a loan from Ziraat.
But now, Alfa has offered to buy that back at a substantial premium.
Turkcell has a complicated ownership structure, with 51 percent of its shares held by another holding company, Turkcell Holding. Alfa currently holds a 13.22 percent stake in Turkcell through ownership in that unit.
Nordic telecoms group TeliaSonera (ST:TLSN) is the biggest stakeholder with 38.04 percent in the mobile operator, while 27.25 percent of the shares are publicly traded.