Doğan Holding signs partnership deal with leading tech developer Karel

The share transfer between Karel, one of Turkey’s leading technology developers, and Doğan Holding is officially completed, with the two parties signing the agreement giving Doğan Holding 40% stake in Karel.

Doğan Holding, a conglomerate that operates in seven industries as a pioneering and sustainable investment holding, continues its growth with new investments focusing on sectors with high value-added to create benefit for both the group and the national economy. In parallel with its investment strategy, Doğan Holding reached a partnership agreement with Karel, one of Turkey’s leading technology developers, commencing formal procedures in late March for the transfer of stake. With the legal procedures now complete, Doğan Holding has successfully added another to its list of investments, acquiring 40% stake in Karel Elektronik Sanayi ve Ticaret A.Ş. through its direct subsidiary Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. for TRY 842,715,846.24.

Karel was established in 1986 by the Tunaoğlu family in Ankara. Operating in five technology-focused fields of activity, Karel is a pioneering industrial tech company offering telecom solutions including cloud-based communications and IoT, defense industry solutions, telecom infrastructure projects, automotive electronics and electronic cards. With approximately 3,500 employees, Karel boasts a world-class R&D and production capability encompassing R&D to design, production and after-sales support.

Çağlar Göğüş: “We attach great importance to the digitization of the industry and communications”

Çağlar Göğüş, Doğan Holding CEO commented: “Technology investments present a key opportunity for Turkey. That is why we are very excited about our new partnership with Karel, a leading industrial technology company in Turkey that specializes in electronics and communications. We attach great importance to the digitization of the industry and communications in Turkey, and we aspire to become a pioneer in this effort. We plan to grow in the areas of renewable energy, industry, technology and mobility in particular. We invest in the future as we continue our growth with fast and confident steps.”

Yaman Tunaoğlu: “The dynamism brought about by this partnership is set to create significant value for Doğan Holding, Karel, and Turkey”

Yaman Tunaoğlu, Karel CTO commented on the partnership: “Today, countries are in a race of technology to play a more influential role in a changing world. We have always believed in our country’s potential in this regard. In the 36 years since its inception, Karel has achieved significant success, and this pride belongs to both us and our country at large. Today, there are essential global opportunities in the fields of communications, digital transformation, and electronics. Thanks to our partnership with Doğan Holding, we will continue our growth and development with a faster pace.

The goal ahead of us is to transform Karel into a global player, and through sustainable growth. Today, we have a valuable portfolio of customers. As a market leader, we boast considerable experience and know-how, as well as one of Turkey’s key tech R&D and manufacturing facilities. In parallel with our vision for the future, we will increase our investments and continue to push the envelope in every field of activity, namely communications, defense, project solutions and automotive electronics. We are excited about the future, knowing that the dynamism brought about by this partnership is set to create significant value for Doğan Holding, Karel, and Turkey.”

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