Two shareholders of Togg, Türkiye’s domestic car company, have signed agreements to sell their entire stakes to the Turkey Wealth Fund (TVF) and mobile operator Turkcell for a combined 368 million euros, according to filings with the Public Disclosure Platform (KAP) late on Monday, 2 November. The deals were reported by Anadolu Agency (AA) and Patronlar Dünyası.
Anadolu Group stake split between Turkcell and the fund
AG Anadolu Grubu Holding, which holds 23 per cent of Togg, said it had agreed to transfer 11 per cent (796,567,640 shares) to Turkcell and 12 per cent (868,982,880 shares) to TVF. The total price for the 23 per cent block is 184 million euros, to be paid in cash at closing.
Turkcell said in its own filing that it had signed a share purchase agreement for the 11 per cent stake and that the transaction would be completed once the conditions in the agreement are met. The company cited the strategic fit between Togg and its technology infrastructure and digital services. Once the deal closes, Turkcell’s holding in Togg will rise to 34 per cent.
Vestel sells its full stake to TVF
Vestel Elektronik said it would sell its entire 23 per cent stake in Togg to TVF, also for 184 million euros. According to the filing, at least 90 per cent of the proceeds will be used to repay matured bank loans within 30 days of receipt.
With 12 per cent from Anadolu Group and 23 per cent from Vestel, the wealth fund would hold 35 per cent of Togg after both transactions, making it the largest shareholder, Karar and Yirmidört reported based on the filings. No closing date was given in the reports.
Other recent developments in Türkiye’s car industry include a Volkswagen and Doğuş Otomotiv letter of intent on vehicle production.
Sources
- Togg’da Anadolu Grubu ve Vestel paylarının devri (Haberler.com / AA)
- TOGG’da Babayiğitler Vestel ve Anadolu Grubu hisselerinin Türkiye Varlık Fonu ve Turkcell’e devri için sözleşmeye imzayı attı (Patronlar Dünyası)
- TOGG’da ortaklık yapısı değişiyor! Anadolu Grubu ve Vestel hisselerini devrediyor (Karar)
- TOGG için yeni dönem: Türkiye Varlık Fonu en büyük ortak oldu (Yirmidört / AA)
Photo: Mustafa DUMAN / CC BY 3.0, via Wikimedia Commons
