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Turkish conglomerate AG Anadolu Group Holding and electronics manufacturer Vestel signed agreements to transfer their respective 23% stakes in domestic electric vehicle maker Togg to state-owned telecom operator Turkcell and the Türkiye Wealth Fund (TVF) for a combined €368 million ($412 million).
Under the agreements disclosed, Anadolu Group agreed to split its stake between the two buyers, selling 11% of Togg to Turkcell and the remaining 12% to the T, VF for €184 million. Vestel also agreed to sell its entire 23% holding to the state wealth fund for another €184 million.
Once the transfers are completed, Togg's shareholder structure will change, with Turkcell increasing its stake to 34% and the Türkiye Wealth Fund also expanding its holding.
Turkcell described the investment as strategically aligned with its technological infrastructure and digital services capabilities, saying it expects the deal to support its long-term investment strategy and sustainable value creation goals.
Founded in 2018, Togg began serial production of its T10X electric SUV in April 2023 at its facility in Gemlik, Bursa. It added the T10F fastback to its lineup in September 2025 before entering Germany as its first international market.
Togg sold 39,020 vehicles in Türkiye in 2025, retaining its position as the country's leading electric vehicle brand. Sales reached 44,187 units through October 2026, up 60.8% from 27,480 in the same period a year earlier.
Despite its growing sales, the automaker remains in the red, posting a net loss of ₺14.6 billion ($292 million) in 2025, compared with ₺13.8 billion in 2024, as research and development and marketing expenses weighed on its financial results.
Meanwhile, Togg's debt-laden shareholder Vestel said at least 90% of the €184 million from the sale would go toward repaying maturing bank loan obligations within 30 days of receipt.
The electronics manufacturing arm of Zorlu Holding has outlined a broader debt-restructuring plan to ease pressure on its balance sheet.
In a disclosure on Oct. 20, the company announced that it had launched an exchange offer for its $500 million in outstanding bonds while continuing negotiations with domestic creditor banks over a separate restructuring of its existing debt.
The company reported net financial debt of ₺106.1 billion ($2.1 billion) at the end of the first half of 2026, while its total liabilities reached ₺172.4 billion and cash holdings stood at just ₺2.3 billion.
Revenue fell 47.8% year over year to ₺46.9 billion in the first half of 2026, while the company recorded a net loss of ₺10.3 billion.
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