Nokia gets $340m windfall from Telsim sale

Nokia has received $341.25 million on the completion of the sale of Turkish operator Telsim's assets, after the two companies agreed on a settlement last year, an Associated Press report said.

The report said the agreement, in August, was made possible by an arrangement between Telsim and the Turkish Savings and Deposit Insurance Fund (TMSF), which sold Telsim's assets to Vodafone.

Telsim, and some 200 other businesses owned by the Uzan company, was taken over by TMSF in 2004 to collect debts stemming from the group's troubled flagship bank, Imar, the report said.

In August 2005, the Turkish government put Telsim up for sale, setting an estimated value of $2.8 billion for the country's second-largest mobile operator with December 5 as the deadline for final bid offers.

The sale of the Turkish company, estimated to have 8 million customers, was delayed because of legal troubles over debts owed to US mobile phone maker Motorola and Finnish handset manufacturer Nokia, the report said.

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