Top Istanbul Airport firm may buy out another partner – report

Kalyon Inşaat, the biggest shareholder in Istanbul Airport, is looking to buy out another Turkish partner in the project after purchasing a 20 percent stake from Kolin Inşaat last month, news portal Airport Haber reported.

The company is preparing to buy shares from Cengiz Inşaat or Mapa Inşaat, who currently hold a 20 percent share each, Airport Haber said. Kalyon owns 40 percent of the operating company, with the remainder held equally by Cengiz, Mapa and Limak.

Istanbul Airport is being built and ran by the companies via umbrella firm IGA after they won a state tender in 2013 with a bid of 22 billion euros. The airport, set to be the world’s largest, partially opened on Oct. 29. The facility is the flagship of several so-called mega construction projects initiated by President Recep Tayyip Erdoğan to boost economic growth and Turkey’s international profile.

Kalyon is owned by Orhan Kemal Kalyoncu, who is a close friend of Erdoğan. The president acted as witness to Kalyoncu’s son, Mehmet, at his wedding in January 2014. Eleven ministers also attended.

Kalyoncu owns Sabah newspaper and the ATV news channel, after purchasing it for $1.1 billion in December 2013. It has won a slew of state tenders, including a recent extension to the Istanbul metro system.

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