{"id":38112,"date":"2011-07-26T11:30:48","date_gmt":"2011-07-26T08:30:48","guid":{"rendered":"http:\/\/www.turkishforum.com.tr\/en\/content\/?p=38112"},"modified":"2014-01-06T14:19:56","modified_gmt":"2014-01-06T12:19:56","slug":"goldman-to-acquire-aksa-stake-in-turkey-for-450-million","status":"publish","type":"post","link":"https:\/\/www.turkishnews.com\/en\/content\/2011\/07\/26\/goldman-to-acquire-aksa-stake-in-turkey-for-450-million\/","title":{"rendered":"Goldman to Acquire Aksa Stake in Turkey for $450 Million"},"content":{"rendered":"

\"\"<\/span>Goldman Sachs Group Inc. agreed to buy 26.5 percent of Aksa Enerji Uretim AS, one of Turkey\u2019s two biggest power producers, for about $450 million, driving a record gain in the utility\u2019s shares.<\/p>\n

Goldman Sachs will pay 5.05 liras ($2.94) a share to Aksa\u2019s parent company, Kazanci Holding AS, which will invest the proceeds in power generation, Aksa Chairman\u00a0Cemil Kazanci<\/span> said today by telephone. \u201cThe price isn\u2019t certain and could change at the closing of the transaction,\u201d he said.<\/p>\n

Turkey\u2019s energy industry is luring international companies as electricity demand is set to grow by an average 6.3 percent over the next 20 years,\u00a0Hasan Koktas<\/span>, head of the energy-market regulator, said June 15. Italy\u2019s Ansaldo STS SpA won a 640 million-euro ($919 million) order for an 865-megawatt plant this month. Austria\u2019s\u00a0Verbund AG<\/span> and OMV AG, Germany\u2019s RWE AG and U.S.-based AES Corp. have also bought power assets in Turkey.<\/p>\n

Goldman Sachs loaned Kazanci Holding $192 million as part of the transaction, Kazanci said. The holding company pledged 43 percent of Aksa shares as collateral for the loan, which has a maturity of a year and one week, he said.<\/p>\n

Goldman Sachs\u2019s offer represents a 22 percent premium to Aksa\u2019s volume-weighted average share price over the 20 days through July 22, according to\u00a0data<\/span> compiled by Bloomberg.\u00a0Aksa<\/span> rose 33 kurus, or 8.7 percent, to 4.14 liras at the 5:30 p.m. close in Istanbul, the biggest one-day gain since the stock started trading in May 2010.<\/p>\n

Debt Payments<\/h2>\n

Aksa expects the deal to close in September. Kazanci Holding will use a \u201clarge part\u201d of the proceeds to pay its debts to Aksa,\u00a0Zeynep Karaman<\/span>, an analyst at BGC Partners Istanbul, said by telephone.<\/p>\n

In April, Kazanci Holding applied to the Istanbul Stock Exchange to sell 68.9 million shares in Aksa, or an 11.9 percent stake, on the bourse. The stock slumped 13 percent in the following three months.<\/p>\n

\u201cI don\u2019t think Kazanci has given up on its plan for a secondary share sale at Aksa, but this plan has put pressure on the stock price,\u201d according to Karaman, who recommends\u00a0buying<\/span> Aksa shares. \u201cNow that overhang seems to be going away.\u201d<\/p>\n

Aksa<\/span>, based in Istanbul, has power-generation capacity in excess of 1,500 megawatts, Kazanci said, adding that it will \u201csoon\u201d rise to 2,000 megawatts. Competitor Enerjisa, a venture owned by Verbund and Turkey\u2019s Haci Omer Sabanci Holding AS, has a capacity of 1,557 megawatts, according to its website.<\/p>\n

Bloomberg<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs Group Inc. agreed to buy 26.5 percent of Aksa Enerji Uretim AS, one of Turkey\u2019s two biggest power producers, for about $450 million, driving a record gain in the utility\u2019s shares. Goldman Sachs will pay 5.05 liras ($2.94) a share to Aksa\u2019s parent company, Kazanci Holding AS, which will invest the proceeds in […]<\/p>\n","protected":false},"author":83,"featured_media":38113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[846,89,34,922],"tags":[5679,6553,6554],"class_list":["post-38112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-turkey","category-usa","category-world","tag-aksa","tag-goldman","tag-turkeys-energy-industry"],"_links":{"self":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/38112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/comments?post=38112"}],"version-history":[{"count":0,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/38112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media\/38113"}],"wp:attachment":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media?parent=38112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/categories?post=38112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/tags?post=38112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}