Project Description
In February 2004, Aria, the third largest mobile telephone operator in Turkey, owned by Telecom Italia Mobile and the Is Bankasi Group, merged with Aycell, the fourth mobile telephone operator, owned by Turk Telecom, to form Avea, a company with a nation wide GSM network. Avea’s license will end in October 2025, at which time it can be renewed or transferred to the Turkish State. The project financing will include the restructuring of Avea’s existing debt, the funding of working capital requirements, and the integration, expansion and maintenance of the combined GSM network. Total project cost is estimated at $2.1 billion.