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Turkey’s Antitrust Watchdog Clears Koc Deal

By  |  February 5, 2020

Turkey’s competition authority (RK) has cleared a deal between conglomerate Koc Holding and Italian lender Unicredit that will see Koc increase its stake in bank Yapi ve Kredi Bankasi.

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    The antitrust regulator has given the nod to Koc to take full control of Koc Finansal Hizmetler AS, a joint venture the conglomerate owns with Unicredit, RK said in a statement earlier this week.

    Koc and Unicredit currently jointly own a 81.9% stake in Yapi Kredi through Koc Finansal Hizmetler, or about a 41% stake each.

    Koc agreed in late November to buy the 50% stake in Koc Finansal Hizmetler currently held by Unicredit as part of a deal that will see Koc Finansal Hizmetler further transfer a 31.93% direct stake in Yapi Kredi to Unicredit.

    Under the terms, a 9.02% direct stake of the bank will be transferred to Koc. Upon completion, Koc will hold a total of 49.99% stake in Yapi Kredi through direct and indirect ownership, according to an earlier statement.

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