Sabanci Holding Sells Its Jewel to a German Giant!
Sabancı Holding, one of Turkey's most established industrial and financial groups, has completely dissolved one of its strategic partnerships in the cement sector. All shares in Akçansa Cement Industry and Trade Inc., a locomotive company in the Turkish cement market that has been operating under the holding for many years, were sold to the German giant. The sale price was staggering.
The company was valued at 1.1 billion dollars.
Sabanci Holding has transferred its 39.72% stake in Akçansa to the German company Heidelberg Materials AG. During the share transfer process, the total company value of Akçansa was calculated based on a full 1.1 billion dollars. After adjustments for debt, cash position, and other financial factors, the unit price was determined to be 5.62743 dollars for a share with a nominal value of 1 TL.
As a result of the complete sale of 76 million 35 thousand 136.43 TL nominal value Akçansa shares in Sabanci Holding's portfolio, the holding company secured a cash inflow of exactly 427 million 882 thousand 713 dollars (approximately 427.9 million dollars).
The entire sales price of 427.9 million dollars was collected in cash, upfront.
One of the most striking aspects in the details conveyed to the Public Disclosure Platform (KAP) by Sabancı Holding was the method of payment. The holding company announced that it collected the entire sales price of $427.9 million in cash and upfront, in a process initiated by the pre-emptive right exercised by its German partner Heidelberg Materials AG.
With this transaction, the long-standing balanced partnership structure under the Akçansa umbrella between Sabancı Holding and Heidelberg Materials AG has come to an end. While Sabancı Holding's stake in Akçansa's capital has dropped to zero, Heidelberg Materials, a German building materials manufacturer, has elevated its operational power, dominance, and management weight in the company to the highest level with the newly acquired shares. How Sabancı Holding will utilize the enormous cash resource generated from this sale, whether in next-generation technologies, renewable energy, or other growth-oriented strategic areas, is eagerly awaited by the markets.
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