Tepe-Akfen Consortium Win Istanbul Ferry Company Auction
Tepe and Akfen won an auction for Istanbul ferry company İDO with Sauter as partners on Friday, April 8th.
The “Tepe-Akfen-Souther-Sera” joint venture group offered the highest bid with $861 million to acquire İstanbul Ferry Lines (İDO) at the final negotiation meeting in the long-planned privatization on Friday.
Tepe and Akfen are two of the most prominent construction companies in Turkey (and abroad) with major references such as ATATÜRK AIRPORT in Istanbul. Akfen Holding’s shares traded at the İstanbul Stock Exchange (İMKB) gained over 7 percent value at the bourse moments after the bargaining was concluded.
IDO run buy Metropolitan Municipality of Istanbul is a giant operation carrying millions of passengers each day with their many boats and ferries. The establishment operates on 19 lines and serves 32 points with 10 fast ferries (vehicle-pass fast ferry), 25 seabus that only carry passengers and 17 conventional vehicle-passenger ferries. The sale needs to be approved by Turkey’s Competition Board (RK) to take effect.
TURKISH PRESS
08 April 2011
