Business

UniCredit sells its share in Yapi Kredi to Koc Holding

While Italian UniCredit has decided to sell its entire 20% share in Yapi Kredi Bank, 18% will be bought by Koc Holding for ₺3.5 billion. According to the statement made by UniCredit, the remaining 2% shares will be sold on the stock market. According to the statement made to the Public Disclosure Platform by Koc Holding, the holding will make a mandatory share purchase offer since the holding’s share in the bank exceeds the 50% threshold. UniCredit said it expects the transaction to be completed by the end of the first quarter of 2022, after regulatory approvals. The transfer price of Yapi Kredi Bank shares was determined as ₺2.2980 for shares with a nominal value of ₺1, in accordance with the principles agreed by the parties in the contract dated 30 November 2019.

Source: Sabah / Translated by Irem Yildiz

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