Avea is one of three GSM operators in Turkey. It has been founed in 2004 with the merger of the two GSM operators Aycell (Turk Telekom) and Aria (joint venture of Is Bankasi (51%) and TIM (49%)). TIM and Turk Telekom own 40% stake each and Is Bank Group holds 20%. In September 2006, Telecom Italia announces that, having received authorisation from the relevant Turkish authorities, the sale of 40.5% stake in Avea, held by subsidiary TIM International, to Turk Telekom, for a total of USD 500 million, has been finalised. Therefore, the current shareholder structure is 81% owned by Turk Telekom and remaining 19% by Is Bankasi. Its competitors, Turkcell and Vodafone Turkey, have both been founded in 1994 and use the GSM 900 frequency range while Avea uses the GSM 1800 range.