ANKARA (Turkey), February 18 (SeeNews) - Czech investment group PPF, an affiliate of domestic engineering firm Skoda Transportation, and Turkish conglomerate Haci Omer Sabanci Holding [IST:SAHOL] have signed a letter of intent to buy Turkish vehicle maker Temsa Ulasim Araclari Sanayi Ve Ticaret, Sabanci Holding said.
Each party would get a 50% stake in the vehicle manufacturer, Sabanci Holding said in a statement to the Istanbul bourse on Monday.
Following the planned transaction, the suitors seek to restart Temsa's production activities with a view to helping the company to grow, the statement reads.
The process is expected to be completed after due diligence, partnership discussions and regulatory approval.
Set up in 1968, Temsa manufactures coaches, buses and light trucks.
In July 2018, PPF completed the acquisition of Norwegian mobile operator Telenor's telecommunications assets in Bulgaria, Hungary, Montenegro and Serbia for 2.8 billion euro on an enterprise value basis.