Nurol acquires full ownership of defense company FNSS

ISTANBUL

Nurol Holding will acquire the 49 percent of shares held by BAE Systems in FNSS Savunma Sistemleri, securing full ownership of the Turkish defense company.

The acquisition, recently agreed, is now under approval process by the Turkish Competition Authority. The acquisition will be official after this final approval process, FNSS said in a statement.

As the majority shareholder with 51 percent of this long-standing partnership for several decades, Nurol Holding will become the 100 percent owner of FNSS.

“This strategic acquisition is poised to bolster FNSS's innovative capabilities, expand its reach in both local and international defense markets and support enhanced financial growth,” the statement read.

FNSS’ robust vehicle and turret portfolio, including its flagship brands such as KAPLAN, PARS, OTTER, MAV, ACVAD, SABER and TEBER, among others, will remain intact, continuing to thrive under their FNSS identity, it added.

Nurol Holding is committed to FNSS's enduring corporate structure and culture, promising no foreseeable changes to its field of activity, mission, or business strategies, according to the statement.

“With Nurol Holding's comprehensive support and the synergy created within the group, FNSS is well-positioned to continue to achieve ongoing success based on innovation and sustainability,” commented Kadir Nail Kurt, CEO of FNSS.

With its new structure under 100 percent ownership of Nurol Holding, FNSS will continue to fulfill all its regulatory, contractual and financial obligations and responsibilities, Kurt said.