Vestel and Anadolu Group Prepare to Exit TOGG Partnership
Within the TOGG partnership structure shaped by the participation of the Turkey Wealth Fund, Vestel and Anadolu Group are conducting negotiations for share transfers.
While the Turkey Wealth Fund is expected to enter electric car manufacturer TOGG as a new partner, existing partners Vestel Elektronik and Anadolu Group Holding are close to an agreement to leave the partnership by transferring their shares.
Share Transfer and Structural Change
With the participation of the Turkey Wealth Fund among TOGG's partners, significant changes are expected in the company's structure. In this process, it is planned to transfer the shares held by Vestel Elektronik and Anadolu Group Holding.
Vestel and Anadolu Group, which each hold a 23 percent stake in the current partnership structure, are conducting negotiations to leave the partnership by transferring these shares to other partners.
Moves by TWF and Turkcell
It is anticipated that a portion of the shares to be transferred by Vestel and Anadolu Group upon leaving the partnership will be acquired by the Turkey Wealth Fund. In the same process, Turkcell plans to increase its stake in the company.
KAP Disclosures and Current Status
Official disclosures regarding the matter were made to the Public Disclosure Platform (KAP) by AG Anadolu Group Holding, Turkcell, and Vestel Elektronik. The companies stated that negotiations are ongoing within the framework of investment strategies.
In the statements made, it was shared with the public that various negotiations regarding the subject share transfers are continuing, but there is no binding agreement finalized yet.