China's ZTE group agreed to acquire a 48% shareholding in Netaş Telekomünikasyon (Netas) which is owned by OEP Turkey Tech, a portfolio company managed by One Equity Partners. One Equity Partners acquired its stake in Netaş from Nortel in 2010.
The proposed acquisition will help strengthen ZTE’s capabilities to serve customers in Turkey and Eurasia. Founded in 1967, Netaş is a leader in Turkey’s ICT industry with audited revenue of USD371 millionmln for the fiscal year 2015 and customers spanning telecom carriers, banks, governments and enterprises across multiple segments. Netaş’ research and development (R&D) center, with 800 engineers, is the largest private R&D center in Turkey.
Following the proposed transaction, Netaş will remain an independent company, and will allow Netaş to complement and strengthen its current offerings, deliver more value to customers, and expand its customer base.
Dr. Zhao Xianming, Chairman and CEO of ZTE Corporation
Following the transaction, Netaş shall remain committed to its corporate values to deliver the best value and service levels to clients, working closely with existing suppliers to nurture localized innovations.
C. Mujdat Altay, CEO of Netas
Being a technology company born and grown in Turkey, we are working diligently to become one of the 10 brands coming out of Turkey by 2023, the Centennial of the Turkish Republic, as per the initiatives set forth by the Turkish Government.
