Announcement Regarding Acquisition of Gama Recycle


Our Company's subsidiary Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş (Öncü Venture Capital) has reached an agreement with Kaplan Holding A.Ş. (Buyer) to purchase and acquire (transaction) 70% of Gama Recycle Sürdürülebilir Teknolojiler A.Ş. (Gama Recycle) which produces polyester fiber, regenerate fiber and different types of recycled threads by recycling textile, pet bottle and packaging waste.

In the abovementioned Transaction, Enterprise Value and Equity Value of Gama Recylce have been determined as USD 159.9 million and USD 49.6 million, respectively.  

Öncü Venture Capital shall pay a total of USD 34.7 million (subject to closing adjustments) to the Buyer in order to acquire 70%  of Gama Recycle's paid-in capital. In order to strengthen the financial position of  Gama Recycle, a portion of this amount will be an indirect payment on behalf of the Buyer for the planned capital increases while the remaining part will be a direct payment to the Buyer.

Considering the cash payment to the Buyer and participation in the planned capital increases at Gama Recycle,  Öncü Venture Capital is expected to have a total investment of USD 83. million (subject to closing adjustments).

Share transfer process is targeted to be completed following the approval of the Competition Authority and fulfillment of pre-agreed closing conditions.

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