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.
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