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Turkey to Invite Third-Placed Bidder for Istanbul Grid Sale

Turkey’s asset sales agency said it will invite Park Holding AS to discuss buying the power grid on the European side of Istanbul after the second-placed bidder didn’t deposit collateral in time.

Aksa Elektrik Perakende Satis AS didn’t post the money required to secure the right to buy, the agency said in an e-mailed statement from Ankara today. Aksa bid $2.75 billion for the network in an auction in August last year. Park’s offer was $2.5 billion in the auction.

Ic Ictas made its payment against a full price of $575 million for the northwestern grid in Thrace and that sale will proceed, the agency said today.

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