Gulf Capital , one of the leading and most active alternative investment firms in the Middle East based in Abu Dhabi, has successfully completed an investment in Turknet Iletisim Hizmetleri A.S. through Gulf Credit Partners, its regional credit and mezzanine fund. TurkNet is a prominent provider of broadband Internet services, long distance telephony services, and corporate telecom, wholesale and hosting services in Turkey. Gulf Credit Partners, provides financing facilities to growing companies in the Middle East, North Africa and Turkey through its flagship credit and mezzanine fund.
The Telecommunications market in Turkey is emerging in a rapid manner, seeing that the number of Internet users showed a year-on-year growth of 42.3 percent from 14.1 million to 20.1 million in 2012. The market share of alternative providers in the ADSL market has gone up to 10.8 percent in 2012 from 9.0 percent in 2011. The country is showing potential growth in the Internet broadband market as Internet household penetration in Turkey is 41 percent, compared to c61 percent in Europe.
“This institutional investment will enhance TurkNet’s rate of growth. Gulf Capital has demonstrated a sound understanding of our business and has shown great flexibility in tailoring a financing solution in line with our strategic growth plans for telephony, broadband, cloud and IPTV services,” says Mehmet Celebiler, the co-founder and Chairman of TurkNet.