Alarko Holding to acquire 42% stake in Alarko Carrier from Carrier for $16.8 million

Alarko Holding announced it has signed a contract to acquire a 42.03% stake in Alarko Carrier from U.S.-based Carrier HVACR Investment BV for $16,811,593. The transfer will be completed within six months following Competition Authority approval.

Following the share transfer, Alarko Holding's voting stake in Alarko Carrier will rise to 84.06%. Under Capital Markets Board regulations, Alarko Holding, upon reaching controlling shareholder status, will be required to make a mandatory share purchase offer to remaining shareholders.

Upon completion of the transfer, the shareholders' agreement between the parties will be terminated; operations under the Carrier and Toshiba brands within Alarko Carrier will be discontinued. Carrier has been manufacturing in Turkey through its partnership with Alarko since 1987. The company's manufacturing capacity and workforce will continue under the Alarko umbrella, while brand trademark usage will end.