Türkiye Wealth Fund is moving to take a 35% stake in electric carmaker Togg through two share sales, a deal that would make it the company’s largest shareholder while helping Vestel repay debt.
AG Anadolu Grubu Holding agreed to sell its entire 23% holding for €184 million, transferring 12 percentage points to the fund and 11 to Turkcell. In a separate €184 million transaction, Vestel Elektronik agreed to sell its 23% holding to the fund. The companies signed the agreements Nov. 2, according to filings on Türkiye’s Public Disclosure Platform (KAP).
The transactions would leave Turkcell with a 34% stake after closing, the company said. For Vestel, the sale would provide cash for debt repayment: It said it would use at least 90% of the proceeds within 30 days of receiving the funds to repay cash bank-loan obligations that are already due.
The ownership changes have been agreed to but have not closed. The filings make completion conditional on regulatory approvals and other contractual requirements, with payment due at closing.
