Cukurova deals with Alfa to sell Turkcell stake for $3.3 billion

Cukurova Group, a Turkish conglomerate, said it has agreed with Russian financial-industrial holding Alfa Group to sell 13.22 percent stake in Turkish mobile phone operator Turkcell Iletsim Hizmetleri AS, in a deal worths $3.3 billion.
According to the agreement, Alfa will subscribe to $1.593 billion of bonds exchangeable into Turkcell stock. The bonds can be exchanged 18 months after their issuance. In a related move, Alfa will lend Cukurova group $1.707 billion for six years.
The deal is subject to approval from regulatory authorities.