PPF will acquire 50% interest in Temsa, a Turkish bus manufacturer, subject to certain conditions
PPF Group announces that through its subsidiary, together with the Turkish group Sabanci, will acquire a 100% stake in Temsa Ulaşım Araçları, a Turkish bus manufacturer. Both PPF Group and Sabanci Group will own a 50% stake in the company. The final closing of the transaction and the share transfer are subject to the consent of the relevant regulatory authorities and to an arrangement with certain banks on future financing.
The intention to acquire the company was announced on 17 February 2020 with completion subject to due diligence and negotiations between the parties.