Dogan Holding Is Agreed to Sell 58.2% of Ray Insurance (RAYSG.IS) to TBIH Financial Services Group for US$81.48mn, Valuing the Company at US$140 mn

Dogan Holding (DOHOL TI) announced that it reached an agreement with TBIH Financial Services for the sale of Ray Sigorta’s (RAYSG TI) 58.2% stake for US$81.48mn implying a value of US$140mn for the entire equity of the company. Dogan Holding will continue to hold 20% stake in Ray Sigorta. TBIH has the option to acquire this 20% stake in 2010 and 2011. If the option would be exercised in the future the price for the 20% stake will be determined by increasing the current agreed price by Libor rate.

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