1/1/2024
Zorlu Enerji, a prominent name in the Turkish energy sector known for producing 100% of its electricity from renewable sources, and PALMET Enerji, one of the sector's first investors and pioneers, have signed a share purchase agreement.
Two of Turkey's leading energy brands—Zorlu Enerji and PALMET—came together at the table in line with their long-term strategic goals. One of the most significant acquisitions in 2024 related to gas distribution and supply operations was finalized between PALMET and Zorlu Enerji. On February 13, 2024, the parties signed a share purchase agreement for the sale of all shares of Zorlu Enerji Dağıtım A.Ş., which holds stakes in Trakya Bölgesi Doğal Gaz Dağıtım A.Ş., Gazdaş Gaziantep Doğal Gaz Dağıtım A.Ş., and Zorlu Doğal Gaz Tedarik Ticaret A.Ş.
Commenting on the agreement, Selen Zorlu Melik, Board Member of Zorlu Enerji, said:
"Today, we are transferring our Natural Gas Distribution Companies, which we have grown with great effort since 2006, to PALMET. I would like to sincerely thank all our colleagues and managers who contributed to the growth of these companies, and I hope this agreement brings success and prosperity to both parties."
Zorlu Enerji CEO Sinan Ak also shared his thoughts:
"As Zorlu Enerji, we have long been strengthening our investments focused on renewable energy and electrification, and diversifying our portfolio in this direction. As part of this strategy, we decided to transfer our gas distribution operations—carried out successfully for many years—to focus more intensely on our renewable energy activities. We believe this share purchase agreement will be beneficial for our country. Going forward, we will continue investing in renewable energy sources such as geothermal, wind, and solar, and we will keep contributing to Turkey’s energy transformation with new investments in energy technologies and storage—bringing the energy of the future to today."
Chairman of PALMET Group of Companies, Doğanay Samuray, reminded that PALMET has been operating for 40 years in the century-long history of the Republic of Turkey and said:
"We continue to carry out the most efficient operations in line with Turkey's energy policies and strategies. When making this acquisition decision, our goal was to incorporate high-consumption distribution regions into our operations and strengthen the supply chain of natural gas imports, exports, and wholesale distribution. PALMET’s experience in the industry, along with its advanced and expanding technological infrastructure, will further enhance the added value we bring. This strategic step also supports our long-term growth and sustainability goals."
With the signing of the agreement between Zorlu Enerji and PALMET Enerji, the process of transferring the shares of Zorlu Enerji Dağıtım A.Ş. has officially begun.
PALMET Gas Group currently serves 1 million subscribers across 3 licensed regions, 2 provinces, and 32 districts. With an annual gas volume of 6 billion cubic meters, it manages approximately 10% of Turkey’s natural gas trade and ranks among the country’s top electricity producers with an installed capacity of 956 MW.
In the public disclosure made by Zorlu Enerji to the Public Disclosure Platform (KAP), the following statement was included:
“In line with the investment policies and strategies of the Zorlu Group, of which our Company is a part, it has been decided to sell all 895,150,000 shares—each with a nominal value of 1 TL—representing the entire capital of our wholly-owned subsidiary Zorlu Enerji Dağıtım A.Ş., including all rights and obligations, to Palmet Enerji A.Ş., registered with the Istanbul Trade Registry under number 201308-0. The transaction will be completed upon obtaining the required legal approvals and adjusting the share price according to the terms outlined in the agreement. The Share Purchase Agreement was signed today, on February 13, 2024.”
Due to the uncertainty surrounding the share transfer negotiations until the agreement was signed, and to avoid misleading investors or weakening our Company’s bargaining power, the public disclosure of this information was postponed based on Article 6 of the Capital Markets Board's Communiqué on Material Events, with a Board decision dated November 29, 2023.
For the full KAP disclosure: https://www.kap.org.tr/tr/Bildirim/1249331