Vestel Elektronik and AG Anadolu Grubu Holding have signed agreements to sell their entire stakes in TOGG, Turkey’s electric vehicle maker, to the Turkey Wealth Fund and Turkcell. Each company held 23 percent, and each sale is valued at 184 million euros, for a combined 368 million euros for 46 percent of the company. The transfers are to be paid in cash on the closing date and remain subject to approvals and closing conditions.
Vestel is selling all of its shares to the Turkey Wealth Fund, ending its TOGG partnership. Anadolu is splitting its stake, with 12 percent of TOGG’s capital going to the wealth fund and 11 percent to Turkcell. On completion, the wealth fund would hold 35 percent and Turkcell 34 percent, according to the disclosed structure, with BMC and the Union of Chambers and Commodity Exchanges of Turkey unchanged. Because the wealth fund is also Turkcell’s largest and controlling shareholder, state linked owners would together control 69 percent.
For Vestel, the sale is a balance sheet transaction first. It disclosed that at least 90 percent of its proceeds will be used to repay matured bank loans within 30 days of receipt, as it works through a debt restructuring presented to eurobond holders. Anadolu gains financial flexibility from the same exit price.
TOGG was founded in 2018 by a consortium of Turkish corporates to build a domestically backed passenger car. The sale ends the founding private consortium model: two of its original industrial sponsors are out, and control consolidates with the sovereign fund and the telecom operator it controls.