3/1/2024
The share transfer of Zorlu Enerji Dağıtım A.Ş.—a wholly-owned subsidiary of Zorlu Enerji Elektrik Üretim A.Ş., which holds 100% shares in Trakya Bölgesi Doğal Gaz Dağıtım A.Ş. and Zorlu Doğal Gaz Tedarik Ticaret A.Ş., and a 90% share in Gazdaş Gaziantep Doğal Gaz Dağıtım A.Ş.—to Gaztrak Enerji A.Ş., a wholly-owned subsidiary of PALMET Enerji A.Ş., was completed on March 12, 2024, for a total transaction value of 200,000,000 USD (based on the USD/TRY exchange rate of 31.8767, equivalent to 6,375,330,000 Turkish Lira).
Commenting on the matter, Zorlu Enerji CEO Sinan Ak stated that he wished the agreement would bring prosperity to both parties and emphasized that Zorlu Enerji is leading the sector’s transformation toward digitalization, electrification, and mobility with its portfolio and solutions focused on decarbonization and future technologies:
“As a company that generates 100% of its electricity from renewable energy sources in Turkey, we had decided to transfer our successfully managed natural gas distribution operations in line with our strategy of investing solely in renewable energy. Moving forward, we will continue our investments in areas such as geothermal, wind, and solar. By focusing on digitalization, electrification, and energy technology solutions, we aim to continue contributing to the energy of our country. With this vision, following the share purchase agreement signed for our natural gas distribution companies, we have completed the share transfer process. I wish this transaction brings success and prosperity to both companies, and I sincerely thank all our employees and managers who contributed to the development of our companies and the completion of the transfer process.”
Doğanay Samuray, Chairman of the Board of PALMET Group of Companies, shared his views on the acquisition process:
“During our assessment of the acquisition, we aimed to include high-consumption distribution regions within our operations and to strengthen the natural gas import, export, and wholesale supply chain. PALMET’s experience in the sector and the opportunity to implement its existing and developing technological infrastructure across a wider geography will further enhance the added value it provides. We are committed to delivering the most efficient operations in line with Turkey’s energy policies and strategies.”
Following this acquisition, PALMET Enerji will serve 2 million subscribers across 5 licensed regions, 7 provinces, and 62 districts. With an annual gas volume of 8.5 billion cubic meters, the company will manage over 15% of Turkey’s natural gas consumption and, with 956 MW of installed capacity, stands among the country’s leading natural gas-based electricity producers.