The shares of Turkey's second largest media company, Sabah and ATV, transferred to the media company Turkuvaz Radyo Televizyon, a subsidiary of un-listed Calik Group, following the completion of $1.1 billion in cash payment, Calik said on Tuesday.
Calik took $750 million-loans from state-owned Vakifbank and Halkbank to finance the acquisition, the remainder will be financed equally by the shareholders of Turkuvaz, the group said in a statement.
According to the statement a Qatar-based media company, Al Wasaeel International Media Co., has taken 25 percent of shares in Turkuvaz.
ATV-Sabah is a new entity comprising of assets which the Turkey's Savings Deposits and Insurance Fund (TMSF) seized from unlisted conglomerate Ciner Group in April, saying irregularities had come to light. It includes one of Turkey's best-selling newspapers, Sabah, and popular entertainment TV channel, ATV.
The board of the TMSF had set a minimum auction price of $1.1 billion; Calik was the only bidder.
