The inclusion of a bus manufacturer in the group is also to help Pilsen’s Škoda Transportation.
PPF Group entered its 25th market today when it completed the acquisition of a half stake in Turkish bus manufacturer Temsa Ulaşım Araçları. The purchase has already been approved by the regulators and the contract is signed. The other half of the company was kept by the Turkish Sabanci Holding.
Škoda Transportation also belongs to the PPF Group; and it is for her to join the Turkish bus manufacturer “Opportunity for the development of modern and ecological products”. PPF stated this on twitter. Škoda is the largest European manufacturer of trolleybuses.
PPF announced its plan in Turkey in February, when both parties signed the so-called Letter of Intent. The completion of the process was then conditioned by the successful implementation of due diligence, ie an in-depth inspection of the company’s condition. The transaction was confirmed in May, but was still conditional “obtaining the approvals of the responsible regulators and agreeing with banks on future financing ”.
Sabanci wanted to sell the bus company last year, when it agreed with the Swiss company True Value Capital Partners. However, the Turkish owners accused the new partners of removing assets from the company. Due to disputes at the turn of the year, Temsa stopped production and Sabanci took the company back under its wings. Production is concentrated in Adana, employing over 3,000 people.
Temsa was founded in 1968. It produces over 10,000 buses and light trucks a year. Temsa buses are sold in almost 70 countries, including the United States, the United Kingdom, France and Germany.
We have just acquired a half stake in a Turkish bus manufacturer @temsaofficial. The other half is owned by Sabanci Holding. For PPF, it is the entry into the 25th market of the world and for ours @SkodaPlzen_CZ opportunity for the development of modern and ecological products.
– PPF Group (@PPF Group) October 23, 2020