Aksa added 0.8 percent to 3.92 liras by the close in Istanbul, while the overall Istanbul Stock Exchange National 100 Index (XU100) fell a third day, retreating 1.8 percent to 60,939.55.
The sale revises down an earlier agreement in which Goldman was to receive a 15.1 percent stake for $268 million, according to a statement to the exchange today from Aksa’s owner, Kazanci Holding AS.
The new agreement is positive for Aksa as it implies a higher valuation for the company, Zeynep Karaman, an analyst at Istanbul-based brokerage BGC Partners (BGCP), said in an e-mailed report today.
The implied valuation of $1.8 billion for the company is more than 40 percent higher than the valuation based on yesterday’s closing price, according to data compiled by Bloomberg.
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