Goldman Agrees to Buy 13.3% of Aksa Enerji for $240 Million

Goldman Sachs Group Inc. (GS) agreed to buy as much as 13.3 percent of Aksa Enerji Uretim AS (AKSEN), one of Turkey’s two biggest power producers, for $240 million, revising down an earlier agreement to acquire a 15.1 percent stake for $268 million, Aksa owner Kazanci Holding AS said.

The agreement between Kazanci Holding and Goldman Sachs also envisages the provision of a $400 million syndicated loan for Kazanci, to be arranged by Goldman, Turkiye Is Bankasi (ISATR) AS and Turkiye Garanti Bankasi AS (GARAN), to repay a bridge loan of $192 million from Goldman, Kazanci said in a statement to the Istanbul Stock Exchange today. Kazanci got the bridge loan for Aksa last year, it said.

Goldman will initially own 5.82 percent of Aksa Enerji by paying $105 million and the U.S. lender committed to buy another 7.48 percent for $135 million, Kazanci said.

The syndicated loan, for which Kazanci’s 65.5 percent and Goldman’s 13.3 percent stakes are used as collateral, will have a maturity of six years including a three-year grace period, the statement said. Goldman could sell its Aksa Enerji holding at any time during the maturity period of the loan, it said.

Aksa Enerji rose 1.3 percent to 3.94 liras at 10:30 a.m. in Istanbul.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net