Friday, 20 January 2017

Mahindra & Mahindra acquires 75% stake in Turkish company

Mahindra & Mahindra (M&M), a part of $17.8 billion Mahindra Group, has forayed into Turkey, through the acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), a farm equipment company based in Turkey. Under the transaction, which is expected to close by April 2017, the company will acquire a 75.1 per cent equity stake in Hisarlar, the company said in a filing to the Bombay Stock Exchange. 

The association will help in growing the farm equipment business in Turkey and Europe. The balance shareholding will be with European Bank for Reconstruction and Development (EBRD), 18.7%; and the founding Turker family, 6.2%. Further, as part of the transaction, Darby Converging Europe Fund III will exit its investment.

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