Russian company Alfa has reportedly agreed to provide a $3.3 billion financing package to Turkcell, Turkey’s biggest mobile service provider. Alfa will provide financing for Cukurova, a conglomerate that owns a big stake in Turkcell. The company will give $1.7 billion in a six-year loan, and $1.6 billion in sixyear bonds convertible into Turkcell shares. The convertibles will give Alfa a stake of just over 13 per cent. This deal will allow Cukurova to repay its $3.5 billion debt.
