Opportunities in real estate
AT THE END of August, GE Consumer Finance agreed to pay $1.56 billion for a 25.5% stake in Turkey’s third-largest privately owned bank, Garanti Bank. The deal, struck with Dogus Holding, Garanti’s parent, is expected to close in the fourth quarter, valuing Garanti at $6.1 billion.
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“A truly historic day”
UK foreign minister Jack Straw
congratulates Turkish counterpart
Abdullah Gul after the opening of
negotiations for Turkey’s EU
membership is agreed |
“This investment presents an excellent opportunity for us to grow strategically in an important European market,” Dan O’Connor, president and CEO of GECF Europe, said in August.
Under the agreement, GECF will also pay $250 million in cash for 49.2% of Garanti’s founders’ shares. The agreement stipulates that the two parties will form...
