There has been a very important development in the past months, stellantis brands Tofas was included under its umbrella.
As a reminder, Koç Holding and Stellantis announced that they aim to further expand their existing Tofaş joint ventures in order to efficiently deliver best-in-class products and services to customers and business partners, and to increase the operational potential in Turkey. With the agreement made within this scope, Tofaş announced that it will acquire the entire capital of Stellantis Turkey distribution company Stellantis Otomotiv Pazarlama A.Ş. As a result, all Stellantis brands offered for distribution in Turkey are “Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep, Maserati, Opel and Peugeot” Now Tofas will be distributed by Bringing all activities in Turkey under one roof with the support of two powerful shareholders will allow unprecedented synergies in worldwide commercial activities, production and R&D, while paving the way for offering wider and more efficient products and services to the Turkish consumer. This issue came to the fore once again today because Tofaş has officially announced the acquisition of Stellantis Automotive for 400 million euros. the contract has been signed announced.
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to KAP on the subject. made With the statement dated March 1, 2023, it was reminded that a Framework Agreement was signed between the Stellantis Group and our Company to determine the main principles regarding the acquisition of the shares of Stellantis Otomotiv Pazarlama A.Ş. (“Stellantis Otomotiv”). In the statement, in this context, it was stated that the due diligence process for Stellantis Automotive as stated in the aforementioned statement was completed, “Within the framework of the decision taken by our company’s board of directors, a Share Transfer Agreement has been signed by our Company regarding the acquisition of all Stellantis Automotive shares, including all the operations of Stellantis Automotive in Turkey and Stellantis brands.” it was said.
In accordance with the contract, which stated that the nominal amount of the shares acquired is 555 million 403 thousand 524 liras; The transfer price is consistent with the result determined in the independent valuation report; (i) €400 million to be paid in cash at closing, subject to the usual net cash and working capital adjustments; and (ii) 77 percent of the cash flows from Stellantis Automotive operations in each of the first eight fiscal years that exceed the contractual reference amounts that reflect the valuation expectations. ,5 percent was determined as contingent performance payment.
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Levent Çakıroğlu, CEO of Koç Holding, said: “We continue to heal the wounds of the earthquake disaster we experienced on February 6, and we continue to do our part with determination. We believe that the investments to be made in our country are of great importance in overcoming this difficult period. This strategic investment; With its production volume, export performance and R&D capabilities, our company carries Tofaş to a much more important point in the automotive industry. Being the leader in the Turkish automotive industry, Tofaş is expanding its targets and strengthening its claim with this new investment. This promising agreement, which took place during such a difficult period, once again confirms the belief of our community and partner in our country. We will continue to serve to increase the competitiveness of our country in the automotive industry with the added value that will emerge.” he said.
About this important development, Carlos Tavares, CEO of Stellantis, said: “Turkey plays a critical role in our long-term strategic plan, Dare Forward 2030, as we strive to reach a leading market share in the Middle East and Africa,” he said. “Deepening our partnership with Koç will create synergy, increase value and expand the market potential for Stellantis brands in all segments. Our joint venture with Tofaş, one of Turkey’s leading industrial establishments, is one of our important production and R&D centers. I would like to express my sincere gratitude to the teams working on this agreement as it will extend our leadership role beyond our 50-year history in a country that has shown the world its capacity to rebuild a sustainable future with hope and resilience in the current painful process Turkey is facing.” had made a statement.