Business · Companies · 1 hr ago
Turkey wealth fund and Turkcell to take control of 69% of Togg
Turkey’s wealth fund and telecom company Turkcell agreed to buy 46% of Togg for €368 million.
The deal covers shares being sold by Turkish conglomerate Anadolu Group and electronics maker Vestel.
If the transfers are completed, state-controlled entities will hold 69% of Togg: the wealth fund will own 35% directly, and Turkcell’s stake will rise to 34%.
Togg was set up in 2018 after President Recep Tayyip Erdoğan called for a domestically branded car, bringing together several major Turkish businesses.
The change gives the state a dominant position in a company created as a business partnership.
Vestel said it plans to use at least 90% of its €184 million proceeds to repay bank loans due.
The transfers still need regulatory approval and must meet contractual conditions before they can be completed.
The Türkiye Wealth Fund and Turkcell have agreed to buy a combined 46 percent stake in Turkish electric carmaker Togg for €368 million.
Anadolu Group will sell 12 percent to the fund and 11 percent to Turkcell, while Vestel will sell its entire 23 percent holding to the fund.
Once the transfers are completed, state-controlled entities will hold 69 percent of Togg.
The transactions require regulatory approvals and the fulfillment of contractual conditions.
Vestel said at least 90 percent of its €184 million proceeds would go toward repaying maturing bank loans.
- Who
- The Türkiye Wealth Fund and Turkcell are buying stakes from Anadolu Group and Vestel.
- What
- They agreed to buy a combined 46 percent of Togg for €368 million.
- When
- The agreements were signed on November 2, 2026, and disclosed on November 3.
- Where
- Togg is a Turkish electric carmaker.
- Why
- Turkcell said the investment fits its technology and digital services capabilities and long-term investment strategy. Vestel said at least 90 percent of its proceeds would repay maturing bank loans.
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Togg was established after President Recep Tayyip Erdoğan called on Turkish industrialists to develop a domestically branded automobile.
The Kök Group withdrew from the Togg partnership.
Reuters reported that Anadolu Group and Vestel were preparing to leave Togg and that the Türkiye Wealth Fund was expected to become a shareholder.
Anadolu Group, Vestel and the buyers signed agreements for the stake transfers.
The agreements were disclosed to the Public Disclosure Platform.
- Total purchase price
- €368 million
- Combined stake being sold
- 46 percent
- Türkiye Wealth Fund stake after completion
- 35 percent directly
- Turkcell stake after completion
- 34 percent
- State-controlled entities' combined stake after completion
- 69 percent
- Vestel proceeds for maturing bank loans
- At least 90 percent of €184 million