Tofas Türk Otomobil Fabrikasi Anonim Sirketi (IBSE:TOASO) signed heads of agreement to acquire Stellantis Otomotiv Pazarlama A.S. from Stellantis N.V. (BIT:STLAM) for approximately ?450 million on March 1, 2023. Tofas Türk Otomobil Fabrikasi Anonim Sirketi (IBSE:TOASO) signed an agreement to acquire Stellantis Otomotiv Pazarlama A.S. from Stellantis N.V. on July 28, 2023. As part of consideration, Tofas Türk Otomobil will pay ?400 million in cash and ?52.6 million as earn-out payments. As a result of acquisition, all Stellantis brands available for distribution in Turkey: Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep, Maserati, Opel and Peugeot will be distributed by Tofas. The transaction is subject to requisite regulatory approvals and the approval of the relevant competition authorities. The transaction is expected to close in the second half of 2023.
As of April 18, 2025, The transaction has received approval from the competition board. All conditions precedent to the closing stipulated under the Stock Purchase Agreement signed on July 28, 2023 have been fulfilled.
JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Stellantis N.V. in the transaction. Togan Turan, Okkes Sahan, Nazli Bezirci, and Sansal Erbacioglu from Paksoy Ortak Avukat Burosu acted as legal advisors to Stellantis N.V. (BIT:STLAM). Eren Kursun, Ali Selim Demirel from Esin Attorney Partnership acted as legal advisors to Tofas Türk Otomobil Fabrikasi Anonim Sirketi (IBSE:TOASO). Eren Kursun of Baker & Mckenzie International B.V. acted as a legal advisor to Tofas Türk Otomobil Fabrikasi Anonim Sirketi (IBSE:TOASO).
Tofas Türk Otomobil Fabrikasi Anonim Sirketi (IBSE:TOASO) completed the acquisition of Stellantis Otomotiv Pazarlama A.S. from Stellantis N.V. on April 30, 2025.
Stellantis N.V. is one of the world's leading car manufacturers. The activity is essentially organized around 4 sectors:
- sales of passenger cars and light commercial vehicles: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys brands;
- sale of luxury vehicles: Maserati and DS Automobiles brands;
- sale of automotive equipment: interior systems, car seats, car exteriors, emission control systems, etc.;
- other: financing services (purchase, rental, leasing, etc.), after-sales services, etc.
Net sales are distributed geographically as follows: the Netherlands (1%), North America (41.6%), France (10.4%), Brazil (8.7%), Italy (7.1%), Germany (5.3%), the United Kingdom (5.2%), Turkey (3.8%), Spain (2.7%), Belgium (1.3%) and other (12.9%).
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