Turkish authority approves ZTE Corp's takeover of NETAS

Chinese telecom group ZTE Corp to acquire 48 percent stake in systems integration provider Netas Telekomunikasyon A.S

ANKARA (AA) - Turkey's competition authority has authorized the takeover of systems integration provider Netas Telekomunikasyon A.S. (NETAS) by Chinese telecom and mobile equipment group ZTE Corp, NETAS said in a statement to Borsa Istanbul on Friday.

ZTE Corp will acquire 48.04 percent of Netas Telekomunikasyon A.S. (NETAS) for 358 million Turkish liras ($101.3 million) following an agreement signed on Dec.6.

The move will enable the Chinese telecom giant to become the largest shareholder in Netas.

The Turkish Armed Forces Foundation holds 15 percent stake in it while the rest is public listed.

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