[6-K] TURKCELL ILETISIM HIZMETLERI A.S. ADS Current Report (Foreign Issuer)
Turkcell (TKC) filed a Form 6-K announcing the final terms of its previously disclosed exit from Ukraine. All shares of Lifecell LLC, Global Bilgi and Ukrtower were transferred to DVL Telecom (NJJ Holding) on 4 Aug 2025 for a cash consideration of US$538.7 million (≈TRY 18.27 billion) after working-capital and net-debt adjustments.
The divested assets equated to 5.1 % of Turkcell’s total assets and 17.1 % of FY 2023 consolidated revenue. Turkcell now holds 0 % equity and voting rights in the entities, fully terminating its Ukrainian presence. The sale will generate an after-tax accounting gain of TRY 8.63 billion, which should lift near-term earnings and strengthen the balance sheet with hard-currency inflows.
Board approval (20 Dec 2023) was unanimous among independent members; no third-party valuation report was required under local rules. Proceeds are unrestricted cash, with future deployment not yet specified. Strategically, the disposal simplifies the group and reduces geopolitical and FX exposure, though it also removes a double-digit revenue contributor.
Turkcell (TKC) ha presentato un Modulo 6-K annunciando i termini finali della sua precedente uscita dall'Ucraina. Tutte le azioni di Lifecell LLC, Global Bilgi e Ukrtower sono state trasferite a DVL Telecom (NJJ Holding) il 4 agosto 2025 per un corrispettivo in contanti di 538,7 milioni di dollari USA (circa 18,27 miliardi di TRY) dopo gli aggiustamenti per capitale circolante e debito netto.
Gli asset ceduti rappresentavano il 5,1% del totale degli asset di Turkcell e il 17,1% del fatturato consolidato dell'esercizio 2023. Turkcell ora detiene lo 0% del capitale e dei diritti di voto nelle entità, terminando completamente la sua presenza in Ucraina. La vendita genererà un utile contabile netto fiscale di 8,63 miliardi di TRY, che dovrebbe incrementare gli utili nel breve termine e rafforzare il bilancio con afflussi in valuta forte.
L'approvazione del consiglio di amministrazione (20 dicembre 2023) è stata unanime tra i membri indipendenti; non è stato richiesto alcun rapporto di valutazione da terze parti secondo le normative locali. I proventi sono liquidità senza restrizioni, con un impiego futuro ancora da definire. Strategicamente, la cessione semplifica il gruppo e riduce l'esposizione geopolitica e valutaria, pur eliminando un contributo al fatturato a doppia cifra.
Turkcell (TKC) presentó un Formulario 6-K anunciando los términos finales de su previamente divulgada salida de Ucrania. Todas las acciones de Lifecell LLC, Global Bilgi y Ukrtower fueron transferidas a DVL Telecom (NJJ Holding) el 4 de agosto de 2025 por una consideración en efectivo de 538,7 millones de dólares estadounidenses (≈18,27 mil millones de TRY) tras ajustes por capital de trabajo y deuda neta.
Los activos vendidos representaban el 5,1 % del total de activos de Turkcell y el 17,1 % de los ingresos consolidados del año fiscal 2023. Turkcell ahora posee el 0 % de participación y derechos de voto en las entidades, terminando completamente su presencia en Ucrania. La venta generará una ganancia contable después de impuestos de 8,63 mil millones de TRY, que debería mejorar las ganancias a corto plazo y fortalecer el balance con entradas en moneda fuerte.
La aprobación del consejo (20 de diciembre de 2023) fue unánime entre los miembros independientes; no se requirió informe de valoración de terceros bajo las normas locales. Los ingresos son efectivo sin restricciones, y su uso futuro aún no está especificado. Estratégicamente, la venta simplifica el grupo y reduce la exposición geopolítica y cambiaria, aunque elimina un contribuyente de ingresos de dos dígitos.
터크셀(TKC)은 우크라이나에서의 이전 공개된 철수의 최종 조건을 발표하는 Form 6-K를 제출했습니다. Lifecell LLC, Global Bilgi, Ukrtower의 모든 주식은 2025년 8월 4일 DVL Telecom (NJJ Holding)에 미화 5억 3,870만 달러(약 182.7억 TRY)의 현금 대가로 양도되었으며, 운전자본 및 순부채 조정이 반영되었습니다.
매각된 자산은 터크셀 총자산의 5.1%와 2023 회계연도 연결 매출의 17.1%에 해당합니다. 터크셀은 이제 해당 법인에 대한 지분과 의결권을 0% 보유하여 우크라이나 내 사업을 완전히 종료했습니다. 이번 매각으로 세후 회계 이익 86.3억 TRY가 발생하여 단기 이익을 높이고 강한 통화 유입으로 재무구조를 강화할 것으로 기대됩니다.
이사회 승인(2023년 12월 20일)은 독립 이사들 사이에서 만장일치로 이루어졌으며, 현지 규정에 따라 제3자 평가 보고서는 필요하지 않았습니다. 매각 대금은 제한 없는 현금이며, 향후 사용 계획은 아직 구체화되지 않았습니다. 전략적으로 이번 처분은 그룹을 단순화하고 지정학적 및 환율 위험 노출을 줄이는 한편, 두 자릿수 매출 기여자를 상실하는 결과도 가져옵니다.
Turkcell (TKC) a déposé un formulaire 6-K annonçant les conditions finales de sa sortie précédemment divulguée d'Ukraine. Toutes les actions de Lifecell LLC, Global Bilgi et Ukrtower ont été transférées à DVL Telecom (NJJ Holding) le 4 août 2025 pour une contrepartie en espèces de 538,7 millions de dollars US (≈18,27 milliards TRY) après ajustements du fonds de roulement et de la dette nette.
Les actifs cédés représentaient 5,1 % des actifs totaux de Turkcell et 17,1 % du chiffre d'affaires consolidé de l'exercice 2023. Turkcell ne détient désormais plus aucune participation ni droit de vote dans ces entités, mettant fin à sa présence en Ukraine. La vente générera un gain comptable net d'impôt de 8,63 milliards TRY, ce qui devrait améliorer les résultats à court terme et renforcer le bilan grâce à des entrées en devises fortes.
L'approbation du conseil d'administration (20 décembre 2023) a été unanime parmi les membres indépendants ; aucun rapport d'évaluation tiers n'était requis selon les règles locales. Les produits sont des liquidités sans restriction, leur utilisation future n'étant pas encore spécifiée. Stratégiquement, cette cession simplifie le groupe et réduit l'exposition géopolitique et au risque de change, tout en supprimant un contributeur au chiffre d'affaires à deux chiffres.
Turkcell (TKC) hat ein Formular 6-K eingereicht, in dem die endgültigen Bedingungen seines zuvor angekündigten Ausstiegs aus der Ukraine bekanntgegeben werden. Alle Anteile an Lifecell LLC, Global Bilgi und Ukrtower wurden am 4. August 2025 an DVL Telecom (NJJ Holding) für eine Barkomponente von 538,7 Mio. US-Dollar (ca. 18,27 Mrd. TRY) nach Anpassungen für Working Capital und Nettoverschuldung übertragen.
Die veräußerten Vermögenswerte entsprachen 5,1 % der Gesamtvermögenswerte von Turkcell und 17,1 % des konsolidierten Umsatzes für das Geschäftsjahr 2023. Turkcell hält nun 0 % Eigenkapital und Stimmrechte an den Gesellschaften und beendet somit vollständig seine Präsenz in der Ukraine. Der Verkauf wird einen steuerbereinigten Buchgewinn von 8,63 Mrd. TRY generieren, was die kurzfristigen Gewinne steigern und die Bilanz durch Zuflüsse in harter Währung stärken sollte.
Die Vorstandsgenehmigung (20. Dezember 2023) erfolgte einstimmig unter den unabhängigen Mitgliedern; ein externes Bewertungsverfahren war nach lokalen Vorschriften nicht erforderlich. Die Erlöse sind uneingeschränkt verfügbares Bargeld, die zukünftige Verwendung ist noch nicht festgelegt. Strategisch vereinfacht der Verkauf die Gruppe und reduziert geopolitische und Währungsrisiken, entfernt jedoch auch einen zweistelligen Umsatzträger.
- US$538.7 million cash proceeds strengthen liquidity and reduce FX risk.
- TRY 8.63 billion accounting gain will boost near-term net income.
- Exit from conflict-exposed Ukraine lowers geopolitical and operational risk.
- Loss of 17.1 % of 2023 revenue creates a growth gap that must be back-filled.
- Reduced geographic diversification heightens dependence on the Turkish market.
Insights
TL;DR: Cash-rich exit from Ukraine adds liquidity and profit, but trims revenue base; overall mildly accretive to equity story.
The US$538.7 million price falls in line with peer EV/EBITDA multiples and delivers a solid TRY 8.6 billion gain. Cash proceeds in dollars shore up Turkcell’s FX liquidity and may be directed toward deleveraging or dividends—both shareholder-friendly. Strategically, shedding a war-zone asset de-risks the portfolio, a positive for the group’s risk premium. Headwind: management must offset a 17 % revenue hole, likely pressuring top-line growth metrics until Turkish and digital segments scale further. On balance, I classify the disclosure as positively impactful.
TL;DR: Deal improves risk profile; watch reinvestment of proceeds and lost diversification.
From an asset-allocation view, exiting Ukraine removes geopolitical tail risk that demanded a valuation discount. The 5 % asset share sold is relatively small, yet the 17 % revenue share shows lower margin contribution, implying limited EBIT drag. Key monitorables: management’s capital allocation of new cash and ability to sustain dividend policy. Without growth reinvestment, the sale could be dilutive to long-term top-line. Net effect today skews slightly positive given liquidity upside versus manageable revenue loss.
Turkcell (TKC) ha presentato un Modulo 6-K annunciando i termini finali della sua precedente uscita dall'Ucraina. Tutte le azioni di Lifecell LLC, Global Bilgi e Ukrtower sono state trasferite a DVL Telecom (NJJ Holding) il 4 agosto 2025 per un corrispettivo in contanti di 538,7 milioni di dollari USA (circa 18,27 miliardi di TRY) dopo gli aggiustamenti per capitale circolante e debito netto.
Gli asset ceduti rappresentavano il 5,1% del totale degli asset di Turkcell e il 17,1% del fatturato consolidato dell'esercizio 2023. Turkcell ora detiene lo 0% del capitale e dei diritti di voto nelle entità, terminando completamente la sua presenza in Ucraina. La vendita genererà un utile contabile netto fiscale di 8,63 miliardi di TRY, che dovrebbe incrementare gli utili nel breve termine e rafforzare il bilancio con afflussi in valuta forte.
L'approvazione del consiglio di amministrazione (20 dicembre 2023) è stata unanime tra i membri indipendenti; non è stato richiesto alcun rapporto di valutazione da terze parti secondo le normative locali. I proventi sono liquidità senza restrizioni, con un impiego futuro ancora da definire. Strategicamente, la cessione semplifica il gruppo e riduce l'esposizione geopolitica e valutaria, pur eliminando un contributo al fatturato a doppia cifra.
Turkcell (TKC) presentó un Formulario 6-K anunciando los términos finales de su previamente divulgada salida de Ucrania. Todas las acciones de Lifecell LLC, Global Bilgi y Ukrtower fueron transferidas a DVL Telecom (NJJ Holding) el 4 de agosto de 2025 por una consideración en efectivo de 538,7 millones de dólares estadounidenses (≈18,27 mil millones de TRY) tras ajustes por capital de trabajo y deuda neta.
Los activos vendidos representaban el 5,1 % del total de activos de Turkcell y el 17,1 % de los ingresos consolidados del año fiscal 2023. Turkcell ahora posee el 0 % de participación y derechos de voto en las entidades, terminando completamente su presencia en Ucrania. La venta generará una ganancia contable después de impuestos de 8,63 mil millones de TRY, que debería mejorar las ganancias a corto plazo y fortalecer el balance con entradas en moneda fuerte.
La aprobación del consejo (20 de diciembre de 2023) fue unánime entre los miembros independientes; no se requirió informe de valoración de terceros bajo las normas locales. Los ingresos son efectivo sin restricciones, y su uso futuro aún no está especificado. Estratégicamente, la venta simplifica el grupo y reduce la exposición geopolítica y cambiaria, aunque elimina un contribuyente de ingresos de dos dígitos.
터크셀(TKC)은 우크라이나에서의 이전 공개된 철수의 최종 조건을 발표하는 Form 6-K를 제출했습니다. Lifecell LLC, Global Bilgi, Ukrtower의 모든 주식은 2025년 8월 4일 DVL Telecom (NJJ Holding)에 미화 5억 3,870만 달러(약 182.7억 TRY)의 현금 대가로 양도되었으며, 운전자본 및 순부채 조정이 반영되었습니다.
매각된 자산은 터크셀 총자산의 5.1%와 2023 회계연도 연결 매출의 17.1%에 해당합니다. 터크셀은 이제 해당 법인에 대한 지분과 의결권을 0% 보유하여 우크라이나 내 사업을 완전히 종료했습니다. 이번 매각으로 세후 회계 이익 86.3억 TRY가 발생하여 단기 이익을 높이고 강한 통화 유입으로 재무구조를 강화할 것으로 기대됩니다.
이사회 승인(2023년 12월 20일)은 독립 이사들 사이에서 만장일치로 이루어졌으며, 현지 규정에 따라 제3자 평가 보고서는 필요하지 않았습니다. 매각 대금은 제한 없는 현금이며, 향후 사용 계획은 아직 구체화되지 않았습니다. 전략적으로 이번 처분은 그룹을 단순화하고 지정학적 및 환율 위험 노출을 줄이는 한편, 두 자릿수 매출 기여자를 상실하는 결과도 가져옵니다.
Turkcell (TKC) a déposé un formulaire 6-K annonçant les conditions finales de sa sortie précédemment divulguée d'Ukraine. Toutes les actions de Lifecell LLC, Global Bilgi et Ukrtower ont été transférées à DVL Telecom (NJJ Holding) le 4 août 2025 pour une contrepartie en espèces de 538,7 millions de dollars US (≈18,27 milliards TRY) après ajustements du fonds de roulement et de la dette nette.
Les actifs cédés représentaient 5,1 % des actifs totaux de Turkcell et 17,1 % du chiffre d'affaires consolidé de l'exercice 2023. Turkcell ne détient désormais plus aucune participation ni droit de vote dans ces entités, mettant fin à sa présence en Ukraine. La vente générera un gain comptable net d'impôt de 8,63 milliards TRY, ce qui devrait améliorer les résultats à court terme et renforcer le bilan grâce à des entrées en devises fortes.
L'approbation du conseil d'administration (20 décembre 2023) a été unanime parmi les membres indépendants ; aucun rapport d'évaluation tiers n'était requis selon les règles locales. Les produits sont des liquidités sans restriction, leur utilisation future n'étant pas encore spécifiée. Stratégiquement, cette cession simplifie le groupe et réduit l'exposition géopolitique et au risque de change, tout en supprimant un contributeur au chiffre d'affaires à deux chiffres.
Turkcell (TKC) hat ein Formular 6-K eingereicht, in dem die endgültigen Bedingungen seines zuvor angekündigten Ausstiegs aus der Ukraine bekanntgegeben werden. Alle Anteile an Lifecell LLC, Global Bilgi und Ukrtower wurden am 4. August 2025 an DVL Telecom (NJJ Holding) für eine Barkomponente von 538,7 Mio. US-Dollar (ca. 18,27 Mrd. TRY) nach Anpassungen für Working Capital und Nettoverschuldung übertragen.
Die veräußerten Vermögenswerte entsprachen 5,1 % der Gesamtvermögenswerte von Turkcell und 17,1 % des konsolidierten Umsatzes für das Geschäftsjahr 2023. Turkcell hält nun 0 % Eigenkapital und Stimmrechte an den Gesellschaften und beendet somit vollständig seine Präsenz in der Ukraine. Der Verkauf wird einen steuerbereinigten Buchgewinn von 8,63 Mrd. TRY generieren, was die kurzfristigen Gewinne steigern und die Bilanz durch Zuflüsse in harter Währung stärken sollte.
Die Vorstandsgenehmigung (20. Dezember 2023) erfolgte einstimmig unter den unabhängigen Mitgliedern; ein externes Bewertungsverfahren war nach lokalen Vorschriften nicht erforderlich. Die Erlöse sind uneingeschränkt verfügbares Bargeld, die zukünftige Verwendung ist noch nicht festgelegt. Strategisch vereinfacht der Verkauf die Gruppe und reduziert geopolitische und Währungsrisiken, entfernt jedoch auch einen zweistelligen Umsatzträger.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 001-15092
TURKCELL İLETİŞİM HİZMETLERİ A.Ş.
(Translation of registrant’s name into English)
Turkcell Küçükyalı Plaza
Aydınevler Mahallesi İnönü Caddesi No:20
Küçükyalı Ofispark
34854 Maltepe
Istanbul, Türkiye
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
Enclosure: A press release dated August 4, 2025 announcing the final sale price for the sale of the registrant’s subsidiaries operating in Ukraine.
Istanbul, August 4, 2025
Announcement Regarding the Final Sale Price of the Subsidiaries Operating in Ukraine
On September 9, 2024, we announced that all shares of our subsidiaries Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower, along with all their rights and liabilities, were transferred to DVL Telecom (NJJ Holding group company).
Based on the financial statements prepared as of the closing date, the final sale price has realized as 538.7 million USD after adjustments including cash and debt.
Note: The relevant ratios have been calculated considering the closing date of September 9, 2024. The 2023 revenue announced on March 20, 2024, has been used as the revenue for the latest annual financial statements.
| Board Decision Date for Sale | : | 20.12.2023 |
| Were Majority of Independent Board Members’ Approved the Board Decision for Sale? | : | Yes |
| Title of Non-current Financial Asset Sold | : | lifecell LLC (“lifecell”), LLC Global Bilgi (“Global Ukrayna”), LLC Ukrtower (“Kule Ukrayna”) |
| Field of Activity of Non-current Financial Asset sold | : | The relevant companies are engaged in telecommunications, customer relationship management, and telecommunications infrastructure management activities, respectively. |
| Capital of Non-current Financial Asset sold | : | UAH 12,711,848,745 UAH 47,226,374 UAH 1,964,040,941 respectively |
| Date on which the Transaction was/will be Completed | : | August 4, 2025. |
| Sales Conditions | : | Cash |
| Nominal Value of Shares Sold | : | UAH 12,711,848,745, UAH 47,226,374, UAH 1,964,040,941, respectively |
| Sales Price Per Share | : | - |
| Total Sales Value | : | 538.7 million USD (18,268,112 thousand TRY) |
| Ratio of Shares Sold to Capital of Non-current Financial Asset (%) | : | 100%, 100%, 100%, respectively |
| Total Ratio of Shares Owned in Capital of Non-current Financial Asset After Sales Transaction (%) | : | 0%, 0%, 0%, respectively |
| Total Voting Right Ratio Owned in Non-current Financial Asset After Sales Transaction (%) | : | 0%, 0%, 0%, respectively |
| Ratio of Non-current Financial Asset Sold to Total Assets in Latest Disclosed Financial Statements of Company (%) | : | 5.1% |
| Ratio of Transaction Value to Sales in Latest Annual Financial Statements of Company (%) | : | 17.1% |
| Effects on Company Operations | : | The subsidiary relationship is terminated. |
| Profit / Loss Arose After Transaction | : | 8,633,789 thousand TRY |
| 1 |
| How will Sales Profit be Used if Exists? | : | - |
| Board Decision Date for Use of Sales Profit if Exists | : | - |
| Title/ Name-Surname of Counter Party Bought | : | DVL Telecom (NJJ Holding group company) |
| Is Counter Party a Related Party According to CMB Regulations? | : | No |
| Relation with Counter Party if any | : | None |
| Agreement Signing Date if Exists | : | 29.12.2023 |
| Value Determination Method of Non-current Financial Asset | : | Determined through negotiation. |
| Did Valuation Report be Prepared? | : | Not Prepared |
| Reason for not Preparing Valuation Report if it was not Prepared | : | Not required by the legislation. |
| Date and Number of Valuation Report | : | - |
| Title of Valuation Company Prepared the Report | : | - |
| Value Determined in Valuation Report if Exists | : | - |
| Reasons if Transaction wasn’t/will not be performed in Accordance with Valuation Report | : | - |
For more information:
Turkcell Investor Relations
investor.relations@turkcell.com.tr
Tel: + 90 212 313 1888
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Turkcell İletişim Hizmetleri A.Ş. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TURKCELL İLETİŞİM HİZMETLERİ A.Ş. | |||
| Date: August 5, 2025 | By: | /s/ Özlem Yardım | |
| Name: | Özlem Yardım | ||
| Title: | Investor Relations Corporate Finance Director | ||
| TURKCELL İLETİŞİM HİZMETLERİ A.Ş. | |||
| Date: August 5, 2025 | By: | /s/ Kamil Kalyon | |
| Name: | Kamil Kalyon | ||
| Title: | Chief Financial Officer | ||
FAQ
What is the final sale price disclosed by Turkcell (TKC)?
How much profit will Turkcell record from the Ukrainian asset sale?
What proportion of Turkcell’s revenue did the Ukrainian units contribute?
When was the sale of Lifecell and related subsidiaries completed?
Who bought Turkcell’s Ukrainian subsidiaries?
Will Turkcell retain any stake or voting rights in the sold entities?
