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A group of Turkey's major banks took control of Turk Telekom AS, the nation's largest phone company, setting it up for a likely sale after previous owner Otas defaulted on a multibillion-dollar loan.Akbank TAS will hold 35.6 percent of the special purpose vehicle set up to take on Otas' 55 percent controlling stake, Turkiye Garanti Bankasi AS will have 22.1 percent of that entity, and Turkiye Is Bankasi AS' share is 11.6 percent, according to filings Saturday. The banks, which also included BNP Paribas SA and Deutsche Bank AG, were locked in talks for years after Otas failed to pay a September 2016 installment on the loan.Raiffeisen Investment AG also advised the banks on setting up the SPV.
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