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    Home»Deals & Transactions»Gulf Capital completes sale of 70 per cent stake in Turknet
    Deals & Transactions

    Gulf Capital completes sale of 70 per cent stake in Turknet

    February 23, 2021Updated:February 23, 20212 Mins Read
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    Gulf Capital, a leading growth markets alternative investment firm, has successfully completed the sale of its 70 per cent stake in Turknet Iletisim Hizmetleri (Turknet), an internet service provider in Turkey, to a consortium of buyers including the incumbent Celebiler Family and Re-Pie Portfoy Yonetimi (Re-pie)

    The sale generated a significant return for Gulf Capital Credit Opportunities Fund which focused on providing growth capital to companies in the Middle East, North Africa and Turkey. The investment in Turknet builds on Gulf Capital’s strong track record in investing in technology companies and in those that provide next-generation digital connectivity.

    Turknet, led by Cem Celebiler, is a pioneer in the alternative Internet Service Providers (ISP) sector in Turkey and has spearheaded numerous developments in the Turkish broadband sector. During Gulf Capital’s ownership, Turknet increased its subscriber base by over 200 per cent and its EBITDA by over 150 per cent in USD terms, which collectively generated an industry leading return on Turknet’s invested capital. With a seat on the board and an active involvement in formulating the Company’s strategy, Gulf Capital played a significant role in Turknet’s growth journey. It was instrumental in implementing best-in-class corporate governance practices and in assisting in the overall growth strategy of the Company. Gulf Capital’s support also helped roll out a hyper-fast broadband network in Turkey and to dramatically increase the subscriber base.

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    Source: Private equity Wire

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