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Turkish automotive manufacturer Tofas announced on Wednesday that it has finalized the acquisition of Stellantis’ 37.8% stake in the company for €400 million ($452 million), completing a major strategic deal that further consolidates its role in Türkiye’s automotive sector.
In a statement submitted to Türkiye’s Public Disclosure Platform (KAP), Tofas confirmed that all closing conditions outlined in the Share Transfer Agreement had been fulfilled and the full transfer of Stellantis’ shares had been completed.
Before the acquisition, Tofas and Stellantis held equal ownership stakes in the company.
The company also stated that, in addition to the share transfer, it has signed new agreements with Stellantis Group covering cooperation in the sale of used vehicles, refurbishment of second-hand vehicles for resale, spare parts distribution, and after-sales services.
Under the terms of the agreement, Tofas has taken over the import and distribution rights in Türkiye for Peugeot, Citroen, Opel, and DS Automobiles, besides its existing portfolio of FIAT, FIAT Professional, Alfa Romeo, Jeep, and Maserati brands.
As a result, the Türkiye distributorships for these Stellantis brands have officially been transferred to Tofas.
The initial deal was signed on March 1, 2023, but was rejected by the Türkiye Competition Authority on Oct. 24, 2024, because of concerns over insufficient commitments.
Following this, the parties reached a supplementary agreement focused on the production of new light commercial vehicles under the FIAT, Opel, Citroen, and Peugeot brands, based on multi-energy platforms.
This supplementary deal includes plans to produce over 1 million vehicles by 2032 through a €232 million investment. Tofas noted that production is scheduled to begin in 2026, with export capacity expected to reach between 200,000 and 220,000 vehicles annually by 2027.
Subsequently, the Competition Authority reviewed the updated commitments and approved the transaction on April 18.
Founded in 1968 and majority-owned by Koc Holding, Tofas is among Türkiye’s leading automotive manufacturers.
The company operates a large-scale production facility in Bursa with an annual manufacturing capacity of 450,000 vehicles and employs over 10,000 people.
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