Petr Kellner’s PPF Group with the Turkish group Sabanci will acquire a 100% stake in Temsa Ulaşım Araçları, a Turkish bus manufacturer. The final closing of the transaction and the share transfer are subject to the consent of the relevant regulatory authorities and an arrangement with banks on future financing.
Temsa Ulaşim Araçlari is Turkey’s leading producer of buses and light trucks. PPF will acquire a stake in Temse through its subsidiary, together with the Turkish group Sabanci, which will have a 50 percent stake in Temsa.
“The intention to take over the company was announced on February 17 this year, and the completion of the process was conditional on the successful completion of an in-depth inspection and the completion of negotiations between the partners,” PPF said.
Founded in 1968, Temsa manufactures over 10,000 buses and light trucks a year and exports them to 70 countries, including the United States, the United Kingdom, France, and Germany. The company is in debt and had to stop production in December due to financial problems.
Among its many investments, PPF owns Škoda Transportation in the Czech Republic. Its products include low-floor trams, electric locomotives, suburban train units, metro trains, electric buses, and trolleybuses, as well as control and propulsion systems for transport systems.
PPF Group invests in many industries, from financial services to telecommunications, biotechnology, real estate, and engineering. The group held assets worth over 47 billion euros as of June 2019.
