Share sale of Betek and its subsidiaries to Nippon, advised by ÜNLÜ & Co, completed

The share sales of Betek Boya ve Kimya Sanayi A.S. (“Betek”) and the subsidiaries, Turkey’s leading company in decorative paints and insulation systems, to the Japan-based Nippon Paint Holdings Co. Ltd. (“Nippon”) is now completed. Betek was advised by ÜNLÜ & Co, Turkey’s leading investment services and asset management group, is completed upon the approval by the Competition Board and fulfillment of other requirements.

The considerations for the Betek Group shares and enterprise value of the Betek Group, which were undisclosed in the April Press Release, were finally determined as 1,407 million Turkish Lira and 2,817 million Turkish Lira respectively. After the completion of the transaction, the Company intends to increase its capital for the purpose of refinancing its existing debt.

Mahmut L. Unlu, Chairman and CEO of UNLU & Co. said, “We have now successfully completed one of the major transactions that took place recently in Turkey, as a result of a competitive process with the involvement of international strategic investors. This transaction once again showed the strategic investors the significance of Turkey, with its attractive domestic market dynamics and its regional position, despite the existing challenges. We are expecting an active year in the merger and acquisition markets in Turkey despite the volatility in the financial markets. Starting with this transaction, we are planning to complete several transactions in various fields and sectors in 2019. Remarkably, we are witnessing strong interest from multinational strategic investors for the leading companies in their respective fields of activity. In this era, our primary purpose is to introduce new multinational strategic investors which would undoubtedly improve Turkey’s technological infrastructure, production capacity levels and value-added output.

About Betek:

Founded in 1988, Betek manufactures and sells decorative paints, industrial paints, insulation systems products, construction materials and mortars in Turkey.  Since 2001, the Company has been the market leader in decorative paints operating under the brands Filli Boya, Fawori, Tempo, Capatect, Alsecco and Alligator. Having a wide distribution network with approximately 5,000 dealers, the Company operates with close to a thousand employees in six production plants. The Company has strengthened its position in the insulation systems market, in which it operates since 2003, with its latest investment in a stone wool facility in Balıkesir.

About Nippon Paint:

Nippon Paint Holdings Co., Ltd. is one of the world's leading companies in decorative and industrial coatings. Operating in more than 20 countries with 20,500 employees, the Company is the market leader in the Asia Pacific region, where its activities are concentrated. As of today, the company has a market capitalization of approximately US$12 billion and, the Company has posted net sales of approximately US$5.7 billion and operating income of US$800 million in 2018.

About ÜNLÜ & Co: Established as an independent financial advisory firm in 1996, ÜNLÜ & Co, is now Turkey’s leading investment services and asset management group. ÜNLÜ & Co, Turkey’s market leader in mergers and acquisitions, strategic partnerships, primary and secondary public offerings and block sales, also provides debt markets advisory services to its corporate clients. The Group also offers tailor-made investment propositions and a wide range of investment solutions to individual and corporate investors through its DAHA Investment Advisory and Brokerage Services. On the Asset Management Services front, the Group advises or manages mutual fund, alternative asset funds and non-performing loan portfolios. ÜNLÜ & Co is headquartered in Istanbul with offices in New York and London and employs over 400 people.

www.unluco.com

ÜNLÜ & Co in Figures:

  • 57 completed M&A transactions valued at e. USD 10 billion since 2010. (Source: Mergermarket)
  • 31 transactions in public offerings, private placement and block sales and a trade volume of USD 3 billion since 2010; leadership in the market with a 30% market share in stock placements since 2010 excluding privatizations and intra-group transactions. (Source: Bloomberg)
  • 17 debt instruments under written since 2013. (Total volume equals TRY 1.7 billion) (Source: Borsa Istanbul)

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