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South African automotive components manufacturer Metair Investments on Thursday announced that the Turkish Competition Authority had cleared its acquisition of Mutlu Holding, which would give Metair an effective 75% interest in Istanbul-listed Mutlu Akü – the largest battery manufacturer in Eastern Europe and the Middle East.
The R2.17-billion acquisition would further award Metair controlling interests in battery casings and caps manufacturer Plastik, battery distributer Turker Izabe and vehicle fleet owner Metropol, all of which supported the battery manufacturing business.
Metair said approval from the Turkish Competition Authority was a significant milestone to the successful completion of the transaction.
The implementation of the transaction, which would be funded equally through debt and equity, would also require Metair to make a mandatory offer to the minority shareholders of Mutlu Akü, as required under Turkish law, for the remaining 25% of issued shares not held by Mutlu Holding, the company said.