A Turkish consortium offered the highest bid with $2.99 billion in the privatization of a state-run electricity distribution company in a tender on Monday that opened with an initial price of $2.98 billion.

The highest offer came from the Is-Kaya and MMEKA consortium, in the sale of 100 percent shares of the Turkish Electricity Distribution Corporation (TEDAS) in its affiliate Bogazici Electricty Distribution Co. as part of a larger sell-out of three other distribution companies.

Is-Kaya-MMEKA consortium upset five competitors in the five-round auction held by Turkey's privatization authority.


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