Telia Company has sold its 47.1 percent stake in Turkcell Holding to the state owned Turkey Wealth Fund for $530 million.

The transaction, announced on June 17, 2020, completed today after fulfilling all regulatory and other conditions, Telia said.

The divestment concludes Telia Company’s exit from Turkey and includes a full and global settlement of all shareholder disputes and litigations connected to Turkcell and Turkcell Holding.

Telia will be focusing on Nordic and Baltic markets.

Since the divestment of its 14 percent direct ownership in 2017, Telia Company has not been a direct owner of Turkcell.

Telia earlier said the governance of Turkcell has been challenging. Disagreements between the shareholders have caused difficulties in the corporate governance of Turkcell. The deal that resulted into to the exit from Turkey has enabled Telia to settle disputes and litigations in Turkcell and Turkcell Holding, dating back to 2005.

Telia Company’s ownership in Turkcell Holding has a booked value of SEK 8 billion, implying that the transaction will result in a capital loss of SEK 3 billion, which will be booked in the second quarter of 2020.