Türkiye Wealth Fund (TVF) and Turkcell have agreed to buy Vestel Elektronik's and AG Anadolu Grubu Holding's combined 46% stake in electric vehicle maker Togg for €368m, according to company disclosures and reports on 3 November 2026.
Why Türkiye Wealth Fund (TVF) and Turkcell İletişim Hizmetleri A.Ş. is buying Togg (46% stake from Vestel and Anadolu Group)
Turkcell said the investment is strategically aligned with its capabilities in technology infrastructure and digital services and is expected to contribute to its long-term investment strategy and value creation. TVF said the change in ownership aligns with Türkiye's objectives of high value-added production, according to Daily Sabah.
Deal terms and financing
Turkcell is paying €88m in cash for 796,567,640 Togg shares, or 11% of the company, from Anadolu Group; the price was determined through negotiation and is payable on closing. TVF is buying Anadolu's other 12% and Vestel's 23%. Each seller receives €184m, giving a total of €368m for the 46% stake. After closing TVF will own 35%, Turkcell 34%, BMC Otomotiv 23% and the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) 8%.
Regulatory approvals and timing
Turkcell said closing will take place after the relevant regulatory approvals are obtained and the conditions precedent are met, and that no takeover bid obligation arises.
Market context
Togg was founded by Anadolu Group, BMC, Turkcell, Vestel and TOBB, with the four companies each holding 23% and TOBB 8%. Vestel, Anadolu and Turkcell confirmed at the start of September 2026 that talks on the stakes were under way. Togg is not listed.
