China's ZTE group agreed to buy 48.04 percent of Turkish systems integration provider Netas for 358 million Turkish lira (USD 101.3 million), Netas announced on its website Tuesday.
This transaction remains subject to the Turkish Competition Authority's approval.
ZTE, the Chinese telecom giant, will become the largest shareholder of Netas after the transaction completes.
"The transaction will equip Netas with additional technologies to provide more services and solutions to its customers and to expand its geographic reach," Netas said in a statement on its website.
"This transaction reinforces the company's solid corporate structure, and will accelerate its focus on R&D, innovation and best of breed next generation technology know-how," it added.
"With our new shareholder, we will continue to flourish and position Netas as a global technology player," said Mujdat Altay, chief executive officer of Netas.
Mr. David Walsh, current Chairman of Netas, welcomed ZTE's investment, citing that with ZTE's investment, global reach and product depth, Netas is extremely well positioned for future success.
Netas provides extensive and goal oriented solutions, ranging from technology consultancy to post-sales assistance for telecom operators, public and private enterprises in Turkey and world.
Source: Philippines News Agency