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    Motorola deal reached over Telsim debt

    Hürriyet Haber
    29.10.2005 - 13:51 | Son Güncelleme:

    Turkish authorities took control of the company in 2004 after the agreement between Motorola and Telsim turned sour. "Under the deal, Motorola will be paid $500 million and will get 20% of the planned sale of Telsim if the price exceeds $2.5 million," said Ahmet Erturk, the head of the state deposit insurance fund (TMSF) reported the Anatolian news agency.

    Motorola agreed "to end all lawsuits it has opened against the company (Telsim) and Turkey as of today," he said.

    Erturk explained that the amount Motorola would receive from Telsim's sale would be the 20-percent share of the proceeds minus the 500 million dollars it would receive in cash, Anatolia reported.

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