Turkey’s Wealth Fund, Turkcell Set to Buy TOGG Shares From Vestel, Anadolu: Report - Turkish Minute
Discussions are ongoing over a 46% stake sale as Turkcell and the state fund weigh buying shares from Vestel Elektronik and Anadolu Group, sources said.
- Turkey's sovereign wealth fund is set to acquire stakes in electric vehicle maker TOGG from Vestel Elektronik and Anadolu Group Holding, according to sources familiar with the matter.
- Founded eight years ago, TOGG was established after Turkish President Tayyip Erdogan called for a fully locally funded passenger car, with current shareholders including Vestel, Anadolu Group, Turkcell, and BMC Otomotiv.
- The carmaker sold 39,020 vehicles domestically last year, and sales in the first seven months of this year rose 30% to 25,848 units, according to the Automotive Distributors and Mobility Association .
- Shares in Vestel rose 6.5% and Anadolu Group rose 5.5% following the news, while Turkcell shares dropped 5.0% on the Istanbul exchange.
- Discussions regarding the deal are ongoing with a final agreement expected soon, though TVF, Anadolu Group, and Vestel declined to comment on the potential acquisition.
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Turkey's wealth fund to become shareholder in local EV maker TOGG ...
A significant change is underway in the ownership structure of TOGG, the domestic electric car manufacturer. It is reported that the Turkish Wealth Fund and Turkcell are emerging as leading contenders in negotiations for Vestel Elektronik and Anadolu Group to transfer their combined 46% stake in the company.
While the Turkish Sovereign Wealth Fund is preparing to become a new partner in the domestic automobile manufacturer TOGG, Vestel Elektronik and Anadolu Grubu Holding, which each hold a 23% stake in the company, are in the process of withdrawing from the partnership.
It has been claimed that the 46% stake in Togg owned by Vestel and Anadolu Group will be sold, with the Turkish Sovereign Wealth Fund and Turkcell being the potential buyers.
It has been claimed that a major change in TOGG's ownership structure is on the horizon. Vestel and Anadolu Group are reportedly in talks to sell their combined 46% stake, and it is suggested that the shares could be acquired by Turkcell and the Turkey Wealth Fund.
Changes are on the agenda for TOGG's ownership structure. While negotiations continue for Vestel and Anadolu Group to transfer their combined 46% stake in the company, it is stated that the Türkiye Wealth Fund and Turkcell are leading contenders to acquire these shares.
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