Sabancı Holding, one of the leading conglomerates in Turkey, is considering selling its entire shares in Philsa Philip Morris Sabancı Sigara ve Tütüncülük Sanayi ve Ticaret A.Ş. (PHILSA) and in Philip Morris SA, Philip Morris Sabancı Pazarlama ve Satış A.Ş. (PMSA), to majority owner Philip Morris International (PMI), which through its subsidiaries already has held 75% of both companies since their establishment in the early ‘90’s.
PMI applied to the Competition Authority on October 6, 2021, with regard to the contemplated acquisition of Sabancı Holding’s entire shares in PHILSA and PMSA. The contemplated consideration of TRY 2,887,000,000 will be subject to certain predetermined adjustments at the closing and after the end of fiscal year of 2021. It is contemplated to sign a binding share sale and purchase agreement between Sabancı Holding and a subsidiary of PMI and to complete the share transfers in the last quarter of 2021, provided that the necessary conditions are satisfied and the relevant permissions and approvals are obtained.