Turkcell Iletisim Hizmetleri To Acquire Boyut Grup Enerji For $11.5M, Adjusting For Debt

Turkcell Iletisim Hizmetleri AS TKC agreed to acquire Boyut Grup Enerji, which owns the İzmir Karadağ Wind Power Plant, to further its carbon neutral goal.
The enterprise value of this transaction amounts to $29.6 million. Turkcell to make a payment of $11.5 million after adjusting for the net debt of Boyut Grup Enerji.
Karadağ Wind Power Plant has an 18 MW installed capacity and an annual electricity generation capacity of 67.5 GWh.
It has the potential to meet the annual electricity need of 22,500 houses.
The plant has a state purchase guarantee until 2026 end.
The anticipated annual gross revenue of the plant during the 2021-2026 period is $5 million.
Turkcell Iletisim Hizmetleri held TRY13.5 billion in cash and equivalents as of March 31, 2021.
Price action: TKC shares closed lower by 0.85% at $4.64 on Tuesday.