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German building materials giant Heidelberg Materials AG has moved to take full control of Turkish cement producer Akcansa, its joint venture with Sabanci Holding, by exercising its pre-emption right over the partner’s stake at a $1.1 billion valuation.
The move clears the way for Heidelberg to acquire Sabanci’s 39.72% shareholding, effectively ending the long-standing partnership once approvals are secured.
Sabanci Holding disclosed on Monday that it received formal notice from its partner confirming the use of pre-emption rights tied to an earlier binding offer from a third party. The offer valued Akcansa at $1.1 billion, subject to debt and cash adjustments.
Under existing shareholder agreements, either party retains the right to match such an offer if the other seeks to sell its stake. Heidelberg opted to invoke that clause, anchoring its decision to the same valuation benchmark.
Based on the $1.1 billion valuation, Sabanci’s 39.72% stake corresponds to roughly $437 million, before any debt and cash adjustments are applied.
Completion of the deal hinges on approval from Türkiye’s competition regulator, the Competition Authority of Türkiye, along with other legal requirements.
Founded in 1996, Akcansa ranks among Türkiye’s leading building materials producers, with an annual capacity of 9 million tons of cement, 7 million tons of clinker and 2.7 million tons of aggregate, supported by terminal operations handling 2 million tons per year.
In 2025, the company generated ₺24.6 billion ($622 million) in revenue and reported a net profit of ₺726.2 million. Total liabilities stood at ₺11.39 billion, including ₺4 billion in bank loans, while shareholder equity reached ₺25 billion.
The deal comes alongside the $325 million sale of CarrefourSA, a joint supermarket chain with French Carrefour that has operated in Türkiye since 1991, marking another major divestment by Sabanci Holding as the group pushes to restructure its portfolio.
Earlier this year, the group’s CEO, Kivanc Zaimler, confirmed plans to explore new investment opportunities in energy and building materials in Türkiye and abroad, while restructuring its portfolio with potential divestments in less profitable businesses.
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