Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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

Don't Miss Out —
Follow us on:

April 6 (Bloomberg) -- Aksa Enerji Uretim AS, a Turkish utility, rose in Istanbul after Goldman Sachs Group Inc. 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 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, 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.