Aviation firm sells its stake to equity fund

ANKARA - Reuters

Çelebi Holding provides ground handling services at airports. DHA photo

Fifty percent of shares in Turkish Çelebi Group’s subsidiary Çelebi Aviation Holding were transferred to a private equity fund focused in Turkey, Actera Group, for 82 million Turkish Liras and $97 million, as the company declared on Feb. 5.

Çelebi Aviation Holding and Actera’s Netherlands-based subsidiary, Zeus Aviation Services Investments, signed the deal for the sale of the shares. Also, Çelebi Aviation Services’ 22.63 percent of stakes were transferred off board to Çelebi Aviation Holding for 90 million liras.

After the sale transactions are completed, the shares that make up the holding’s capital, voting quota and holding’s administration control will be divided equally between Zeus and the Çelebi family, said a company statement, adding that the holding’s stake in Çelebi Aviation Services would increase to 77.36 percent. Actera, which is an independent private equity fund company, founded Zeus in the Netherlands with the aim of investing in Çelebi Aviation Holding.