SOCAR Turkey has revealed that shareholder Goldman Sachs has sold its 13 percent stake in the oil company for $1.3 billion. The buyer was the parent company SOCAR (State Oil Company of Azerbaijan Republic).
SOCAR Turkey invests in petrochemical products, refining, natural gas trade and distribution.
Goldman Sachs and JP Morgan Securities jointly acquired the 13 percent stake in SOCAR Turkey in 2015. SOCAR said Goldman Sachs could sell its stake in the following six years if a planned IPO was not realized in that time period. Goldman Sachs would be able to resell 10 percent of its stakes to SOCAR and the remaining 3 percent to its subsidiary Sermaye Investments.
With the deal, SOCAR will acquire 890,574,713 newly issued shares in SOCAR Turkey, increasing the company’s direct and indirect shareholding rate from 87 percent to 100 percent.
