May 26 (SeeNews) - Czech investment group PPF, an affiliate of domestic engineering firm Skoda Transportation, and Turkish conglomerate Haci Omer Sabanci Holding [IST:SAHOL] have agreed to buy Turkish vehicle maker Temsa Ulasim Araclari Sanayi Ve Ticaret, PPF said.
The transaction remains subject to regulatory approvals and securing future financing from banks, PPF said in a statement last week.
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Each party would get a 50% stake in the vehicle manufacturer.
Sabanci and PPF signed a letter of intent to buy Temsa in February. Following the planned transaction, the suitors seek to restart Temsa's production activities with a view to helping the company to grow, Sabanci said at the time.
Set up in 1968, Temsa manufactures coaches, buses and light trucks.