Aksa Enerji Rises as Goldman Agrees to Buy 13.3%: Istanbul Mover

Aksa Enerji Uretim AS (AKSEN), a Turkish utility, rose in Istanbul after Goldman Sachs Group Inc. (GS) agreed to buy as much as 13.3 percent of the company for $240 million.

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.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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