ISTANBUL - The Sabanci Holding of Turkey and the Verbund Supervisory Board of Austria have decided to turn their partnership into joint venture.
The Sabanci Group and the Verbund signed a cooperation agreement to form a jointly controlled partnership targeting the Turkish electricity market in December 2006.
Releasing a statement on Thursday, the Sabanci Holding said, "the Verbund Supervisory Board decided to become partner of the Enerjisa Energy Production Corp. by purchasing 49.99 percent of its stakes."
The Verbund Supervisory Board will pay 326.2 million USD.
The cooperation between the Sabanci Holding and the Verbund Supervisory Board aims at jointly developing generation, distribution and supply as well as wholesale/trading of electricity in Turkey on an exclusive basis.
The Sabanci is Turkey's leading industrial and financial conglomerate with a market cap of approximately 7.3 billion USD. It controls more than 50 companies, many of which are recognized market leaders in their respective sectors. The Sabanci has an impressive track-record of successful joint partnerships with international partners such as Toyota, Bridgestone, Philip Morris or Carrefour.
The Verbund (Osterreichische Elektrizitätswirtschafts-Aktiengesellschaft) is Austria's leading electricity utility and the fifth largest company listed at the Vienna Stock Exchange, with a market capitalization of approximately 12.5 billion euro. It generates more than 60 percent of its turnover outside Austria. The Verbund is one of the most environmentally friendly utilities in Europe.