Dogan bids for Digitürk
September 3, 2013 08.51 Europe/London
The race to buy the Turkish pay-TV operator Digitürk has intensified, with Dogan Holding submitting a non-binding offer of $742 million (561.9 million) for a 53% stake in the company. Given that Dogan already owns D-Smart, another leading pay-TV operator, any sale would give it a dominant share of the market and could therefore be opposed by the competition authorities.
Although Digitürk is officially owned by Çukurova Holding, with Providence a 47% shareholder, it was, along with several other interests, seized by the Savings Deposit Insurance Fund (TMSF) in May this year.
Çukurova Holding remains in financial difficulties the reason for the seizure and is focused on its struggle with Russias Alfa Group to retain control of Turkcell.
Digitürk has already attracted interest from Türk Telekom and any sale will be undertaken by the TMSF, which has already disposed of some other Çukurova assets.