Istanbul — Eczacıbaşı Holding has announced that it is putting part of its stake in Eczacıbaşı İlaç up for sale, in a transaction valued at approximately 2.1–2.2 billion Turkish lira, as part of its broader strategic objectives.
The shares offered for sale correspond to roughly 2.95%–3.28% of the company’s capital, depending on final allocation following strong investor demand.
Sale Details and Pricing
The transaction is being carried out through an accelerated bookbuilding process targeting qualified institutional investors, both domestic and international.
The share price was set at approximately 92.82 TL per share, reflecting a discount of about 15% compared to the previous closing price.
Total proceeds from the sale are expected to reach around 2.1 billion TL, with all funds going directly to Eczacıbaşı Holding rather than the subsidiary.
Strategic Use of Funds
The company stated that the proceeds from the transaction will be used in line with its strategic goals, although no specific allocation details were disclosed.
Importantly, Eczacıbaşı İlaç itself will not receive any financial benefit from the sale, as it involves shares held by the parent holding company.
Impact on Ownership Structure
Following the completion of the transaction:
- Eczacıbaşı Holding’s stake in Eczacıbaşı İlaç is expected to decline from approximately 50.6% to around 47.3%
- The company will retain its position as the main shareholder and maintain management control
At the same time, the move is expected to increase the free float ratio of Eczacıbaşı İlaç shares on the stock exchange.
Transaction Timeline and Conditions
The sale is being coordinated by HSBC as the sole global coordinator and bookrunner. The process includes:
- Application to Borsa Istanbul for a block trade
- Expected execution shortly after approval
- Settlement planned within days of the transaction
Additionally, Eczacıbaşı Holding has committed to a 90-day lock-up period, during which it will not sell additional shares (with limited exceptions).
Market Implications
The deal reflects a broader trend of Turkish conglomerates optimizing their portfolios and unlocking value through partial divestments.
Analysts note that the strong demand leading to an increase in the offered stake signals continued investor interest in Turkish equities, particularly in established industrial and healthcare-related companies.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök