Koc Group sells 61% of Izocam

Turkey“s Koc Group said it has signed an agreement with France“s Saint-Gobain Isover and Alamana Industries of Kuwait for the sale of a 61.2% stake in group company Izocam for USD 171.3million, valu…

Turkey“s Koc Group said it has signed an agreement with France“s Saint-Gobain Isover and Alamana Industries of Kuwait for the sale of a 61.2% stake in group company Izocam for USD 171.3million, valuing the company at USD 280 million. The statement by Koc Group noted that Koc Holding, Temel Ticaret ve Yatirim, Koc Yapi Malzemeleri, Rahmi Koc ve Mahdumlari Maden Insaat and the Koc family members agreed to sell their stakes in Izocam, which makes insulation materials. Koc Holding announced previously that it planned to sell the group companies Izocam, Doktas Dokumculuk, Demir Dokum and it mandated consulting companies to evaluate possibilities, including the share sale option. Saint-Gobain said that a 50-50 joint venture will be established with the Kuwaiti company and the joint venture will initially acquire 61.2% of Izocam“s shares from Koc and then launch a tender offer on the Istanbul Stock Exchange for the remaining shares as required by Turkish law.