Ground handling firm nears large stake sale

ANKARA - Reuters

Two vehicles of the Çelebi Gorund Handling are seen in this file photo. The Çelebi Aviation Holding plans to merge with a private equity fund to foster growth. DHA photo

The Çelebi family, the principal partners in Çelebi Aviation Holding, will transfer 99.99 percent of the holding and 22.63 percent of Çelebi Ground Handling to a company in which the family and private equity fund Actera will have equal shares.

The parties have signed a letter of intent regarding the formation of the new company, according to a statement submitted to the Istanbul Stock Exchange (İMKB) by Çelebi Aviation Holding. The holding took this step as part of its strategic plan for growth both in Turkey and abroad in the civil aviation sector, the statement said. The value of Çelebi Aviation Holding’s shares traded on the İMKB increased 4 percent after news of the planned partnership was released.

Çelebi Aviation Holding is an integrated services provider in the Turkish civil aviation industry.

The rise in the stock’s value stemmed from news of the partnership between Çelebi and Actera, Efe Kalkandelen, an analyst at İş Investment, said. “The holding has run somewhat into debt recently. They will finance growth in the upcoming period [with this partnership]. The holding has adopted this method to accelerate growth in their businesses in India, Europe and Turkey,” he said.