03.11.2026 02:10
The partnership structure of Turkey's Automobile Initiative Group (TOGG) is changing. AG Anadolu Group Holding has signed an agreement to transfer 11 percent of its 23 percent stake to Turkcell and 12 percent to the Turkey Wealth Fund (TVF) for a total of 184 million euros. Vestel will also sell its entire 23 percent stake to TVF for 184 million euros. With the completion of the transactions, Turkcell's stake in TOGG will rise to 34 percent.
Agreements have been signed regarding the transfer of shares of AG Anadolu Group Holding and Vestel Electronics in Türkiye's Automobile Initiative Group (TOGG) to the Türkiye Wealth Fund (TVF) and Turkcell.
According to disclosures made by the companies in question to the Public Disclosure Platform (KAP), AG Anadolu Group Holding signed an agreement to transfer its 23 percent stake in TOGG—the portion corresponding to 11 percent of TOGG's capital to Turkcell, and the portion corresponding to 12 percent to the Türkiye Wealth Fund (TVF)—for a total consideration of 184 million euros.
Vestel also decided to sell its entire 23 percent stake in TOGG to the Türkiye Wealth Fund for 184 million euros. Completion of the transactions will result in a change in TOGG's shareholding structure.
TURKCELL'S STAKE TO RISE TO 34 PERCENT
In a disclosure made by Turkcell to KAP, it was reported that the company signed a share purchase agreement regarding the takeover of 796 million 567 thousand 640 TOGG shares belonging to AG Anadolu Group Holding AŞ.
In the statement, which noted that the shares in question correspond to 11 percent of TOGG's capital, it was recorded that the closing of the transaction is planned to be carried out after all preliminary conditions in the agreement are fulfilled.
The statement reported that upon completion of the transaction, Turkcell's total stake in TOGG will rise to 34 percent.
It was noted that the investment shows strategic alignment with the company's capabilities in technology infrastructure and digital services and is expected to contribute to its long-term investment strategy and sustainable value creation goals.
ANADOLU GROUP TO TRANSFER ITS SHARES FOR 184 MILLION EUROS
In AG Anadolu Group Holding's statement, it was reported that 1 billion 665 million 550 thousand 520 shares representing 23 percent of TOGG's capital owned by the company will be transferred: 868 million 982 thousand 880 shares corresponding to 12 percent of TOGG's capital to the Türkiye Wealth Fund, and 796 million 567 thousand 640 shares corresponding to 11 percent to Turkcell.
In the statement, which stated that under the agreement signed on the matter, the share transfer price will be paid in cash on the closing date, it was conveyed that the share transfer price was determined as 184 million euros.
ALL OF VESTEL'S SHARES TO PASS TO THE WEALTH FUND
In Vestel Electronics' statement, it was stated that the company will sell all of its shares with a nominal value of 1 billion 665 million 550 thousand 520 lira, corresponding to its 23 percent stake in TOGG, to the Türkiye Wealth Fund for 184 million euros.
In the statement, it was reported that at least 90 percent of the funds obtained from the sale will be used within 30 days from the date of receipt to pay matured debts related to cash bank loans.