AG Anadolu Grubu Holding and Vestel Elektronik have finalized agreements to transfer their shares in Türkiye’s electric vehicle venture, TOGG, to the Türkiye Varlık Fonu (TVF) and Turkcell.
According to statements filed with the Public Disclosure Platform (KAP), AG Anadolu Grubu Holding will divest its 23 percent stake in TOGG for a total of 184 million euros. Under the agreement, a stake corresponding to 11 percent of the company’s capital will be transferred to Turkcell, while the remaining 12 percent will be sold to the TVF.
Separately, Vestel Elektronik decided to sell its entire 23 percent stake in TOGG to the TVF for 184 million euros.
In its filing, Turkcell said its ownership interest in TOGG will increase to 34 percent once the transaction is finalized.
The company stated that the investment is aligned with its digital services and technology infrastructure capabilities, expecting it to support its long-term investment strategy and goal of creating sustainable value.
Vestel Elektronik stated that at least 90 percent of the sale proceeds will be used to repay overdue cash bank loans within 30 days of receipt.
