Turkcell says Global Tower IPO postponed, cites market risks, cyberattacks
An initial public offering (IPO) of Turkcell's infrastructure unit, Global Tower, has been postponed due to the possible market impact of the U.S. presidential election, potential U.S. interest rate moves and cyberattacks, the mobile operator said in a written statement on Oct. 24.
"Having considered the potential impacts of the upcoming United States presidential election and the FED's expected interest rate decision on the financial markets as well as cyberattacks, and in agreement with its major shareholder Turkcell, Global Tower has postponed its initial listing on Borsa Istanbul planned for Oct. 27 until the markets become more reliable and stable," said the statement to the Public Disclosure Platform (KAP).
Global Tower is the first and only standalone tower company and the largest dedicated telecom infrastructure operator in Turkey in terms of tower portfolio and fifth largest standalone tower company in Europe, according to data on the company website.
Global Tower was founded in 2006 as a subsidiary of Turkcell. Having started its operations by providing tower services, today Global Tower provides all-site services to GSM and fixed-based operators, television and radio broadcasters, public institutions and service providers, the company said.