ZTE eyeing growth prospects in Turkey

Telecom giant to buy 48% stake in Netas as it sees broader opportunities in the Middle East

ZTE Corp said on Tuesday it would spend up to $101.3 million to purchase a 48.04 percent stake in a leading Turkish telecom company, as the Chinese telecom equipment maker ramps up efforts to expand its business in the Middle Eastern country.

The Shenzhen-based firm said in a filing to the Hong Kong Stock Exchange that the deal, once completed, would make it the largest shareholder of Netas Telekomunikasyon AS, while the Turkish Armed Forces Foundation will hold 15 percent.