Koc Holding to acquire an 18% stake in Yapi Kredi Bank from UniCredit for $347m.

Koc Holding, the largest industrial conglomerate in Turkey, agreed to acquire an 18% stake in Yapi Kredi Bank, a Turkish bank, from UniCredit, an Italian global banking and financial services company, for $347m. As a result, Koç will buy shares in YKB corresponding to 18% of the issued share capital of YKB for a total consideration of $347m at the current exchange rate, while the remaining 2% is expected to be sold on the market.