Togg Ownership Shifts as Anadolu Group and Vestel Sell Their Stakes
Anadolu Group and Vestel have signed agreements to transfer their stakes in Togg, with the Turkey Wealth Fund and Turkcell as buyers. Turkcell's holding is set to rise to 34 percent once the deal closes.
Togg's ownership structure is changing. AG Anadolu Grubu Holding and Vestel Elektronik have signed agreements to transfer their shares in Türkiye'nin Otomobili Girişim Grubu (Togg), according to statements the companies filed with the Public Disclosure Platform (KAP). The buyers will be the Turkey Wealth Fund (TVF) and Turkcell.
How Anadolu Group's Togg stake will be transferred
Anadolu Grubu Holding owns 1,665,550,520 shares, equal to 23 percent of Togg's capital. Of these, 868,982,880 shares, or 12 percent of capital, will go to the TVF. The remaining 796,567,640 shares, equal to 11 percent of capital, will be sold to Turkcell. The transfer price has been set at 184 million euros, to be paid in cash at closing.
Vestel to sell its 23 percent stake to TVF
Vestel Elektronik will sell its entire 23 percent Togg stake to the TVF for 184 million euros. The stake corresponds to 1,665,550,520 shares with a nominal value of 1,665,550,520 lira. Vestel said it will use at least 90 percent of the proceeds to repay matured bank loans within 30 days of receiving the money.
Turkcell's Togg stake to rise to 34 percent
Turkcell said it has signed a share purchase agreement to acquire the Anadolu Group stake. Closing is planned once the preconditions in the agreement are met. Upon closing, Turkcell's total Togg holding will rise to 34 percent.
Turkcell said the investment fits strategically with its technology infrastructure and digital services expertise. The company also expects the move to support its long-term investment strategy and its goal of creating sustainable value. Togg's ownership structure will change once the transactions are completed.
This article was compiled with the help of AI from information published by Habertürk, Bloomberg HT.
