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.
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