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Gulf Capital successfully completes the sale of its 70% stake in Turk net, the leading Turkish broadband provider

(Dubai – Gulf tech) – Gulf Capital, a leading growth markets alternative investment
firm, today announced that it has successfully completed the sale of its 70% stake in Turk net
Iletisim Hizmetleri A.S. (“Turk net” or the “Company”), the leading alternative internet service
provider in Turkey, to a consortium of buyers including the incumbent Celebiler Family and Re-
Pie Portfoy Yonetimi A.S. (“Re-pie”). The sale generated a significant return for Gulf Capital
Credit Opportunities Fund which focused on providing growth capital to companies in the
Middle East, North Africa and Turkey. The investment in Turk net builds on Gulf Capital’s
strong track record in investing in technology companies and in those that provide next-
generation digital connectivity.

Turk net, led by Cem Celebiler, is a pioneer in the alternative Internet Service Providers (“ISP”)
sector in Turkey and has spearheaded numerous developments in the Turkish broadband sector.
During Gulf Capital’s ownership, Turk net increased its subscriber base by over 200% and its
EBITDA by over 150% in USD terms, which collectively generated an industry leading return
on Turk net’s invested capital. With a seat on the board and an active involvement in formulating
the Company’s strategy, Gulf Capital played a significant role in Turk net’s growth journey. It
was instrumental in implementing best-in-class corporate governance practices and in assisting
in the overall growth strategy of the Company. Gulf Capital’s support also helped roll out a
hyper-fast broadband network in Turkey and to dramatically increase the subscriber base.

Dr Karim El Solh, Chief Executive Officer at Gulf Capital stated: “Our investment in Turk net
was part of Gulf Capital’s strategy to back talented management teams that lead promising
companies in high growth sectors, especially those that support the global digitalisation trend.
Gulf Capital has been one of the most active investors in the technology, broadband connectivity
and fintech sectors. Turk net is a good example of a high-quality technology company whose

growth trajectory has accelerated, especially post pandemic. After a seven-year holding period,
we believe it is the right time for us to exit and realise value for our investors, while at the same
time paving the way for the Company’s next-stage growth. We believe the Celebiler Family will
continue shaping the Turkish broadband space by pioneering new developments and achieving
tremendous growth in Turk net’s subscriber base and we wish them all the success on their next
phase of growth.”

Cem Celebiler, CEO of Turk net said, “Working closely with Gulf Capital over the past seven
years provided us with a valuable support in strategic and financial decision making. This
acquisition will bring the Celebiler Family into a majority position in Turk net, reflecting our
strong confidence in the future of the Company and the growth opportunities presented by the
Turkish broadband space. We are thankful for the unwavering support of Gulf Capital and their
significant contributions to the success of Turk net over the last seven years. The next chapter of
our growth journey will be with Re-pie, the largest Turkey-based alternative fund manager.”

Omar Rifai, Managing Director at Gulf Capital said, “Cem and the management team have
successfully led the growth in Turk net’s market share and brand equity by focusing strongly on
execution and customer service. We are excited for the Celebiler Family as it continues to lead
Turk net into its next phase of growth. Gulf Capital’s investment in Turk net is a good example of
how structured equity and mezzanine investments can support entrepreneurs in emerging
markets in their growth journey.”

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