GE to Re-invest in Turkey After Garanti Sale, Hurriyet Says
General Electric Co. (GE) plans to invest in Turkey again after selling 18.6 percent stake at Turkish lender Turkiye Garanti Bankasi AS for $3.78 billion, Hurriyet said, citing GE’s vice chairman John Rice.
GE may announce a new investment within two weeks in infrastructure, Rice said, according to the Istanbul-based newspaper. GE is planning investment in energy and railways as well as seeking opportunities in neighboring countries with Turkish partners, he said.
GE, which agreed to sell its Garanti stake to Banco Bilbao Vizcaya Argentaria SA (BBVA) in November, had bought half of Ankara- based Gama Enerji AS in 2007 and announced plans to invest at least $3 billion over five years to build power plants in Turkey and the Middle East.
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