Sabancı sells Temsa Global to Swiss investment company
By Jim Gibbins - 1st June 2019
Sabanci Holding of Istanbul, one of Turkey’s largest conglomerates, has sold its vehicle manufacturing business, Temsa SA of Istanbul to Swiss firm, True Value Capital Partners of Lausanne.
Temsa Global, which manufactures buses, coaches and light-duty Mitsubishi Canter trucks at its plant in the southern Turkish city of Adana, was nominally valued at TRY825m (USD140m). The sale of the whole subsidiary was made based on a value of TRY375m after adjusting for debt and cash holdings; this included the 49 per cent stake owned by Sabancı Holdings and the other 51 per cent owned by shareholders including the Sabancı family, which owns the holding company.
