Vestel and Anadolu to exit TOGG via stake sales to Turkish state fund and Turkcell
Vestel and Anadolu Group agreed to sell their 23% TOGG stakes for €184 million each to Turkey's wealth fund and Turkcell, per Reuters.
- published on Newsmetry
- original source published
the same feed is available to bots and dashboards through the api. connect the api →
what happened
Turkish electronics maker Vestel and the Anadolu conglomerate have each signed deals to offload their 23% holdings in TOGG, the country's electric carmaker. According to Reuters, which reported the pricing, each stake is valued at €184 million, or about $206 million. The Turkey Wealth Fund (TVF) will take Vestel's entire holding, while Anadolu will sell 12% to the fund and 11% to Turkcell.
Reuters reported in August, citing three sources, that the buyers would be the fund and Turkcell. The transactions still require regulatory approvals and other closing conditions. Before these agreements, Vestel, Anadolu, Turkcell and BMC Otomotiv each held 23% of TOGG, while the remaining 8% belongs to TOBB, the union of Turkish chambers and commodity exchanges.
why it matters
TOGG was founded eight years ago by its current shareholders after President Tayyip Erdogan called for a fully locally funded passenger car. For investors, the main read-through concerns Vestel, Anadolu and Turkcell, since the sales change their holdings in the carmaker and remain subject to approvals.
tags
instruments
sources
- Turkey's Vestel, Anadolu sell TOGG stakes to Turkish wealth fund, Turkcell — Reuters, 3 November 2026 at 05:15 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
alerts on your topics, the morning digest and the api — in your account.
get stories in real time ↗