Two International Development Finance Institutions to Invest in Uludağ Enerji

Two international development finance institutions will acquire minority stakes in Uluğ Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş. (Uludağ Enerji), whose subsidiaries include Uludağ Elektrik Dağıtım A.Ş.

According to a joint statement, the International Finance Corporation (IFC) the private-sector investment arm of the World Bank Group, and Proparco, the private-sector financing arm of the French Development Agency, will make equity investments in the company and become minority shareholders.

The financial terms of the transaction were not disclosed.

Actis Acquired UEDAŞ in 2022

Operating in the southern Marmara region, which includes the provinces of Bursa, Balıkesir, Çanakkale and Yalova, the company serves about 6 percent of Türkiye’s population.

Uludağ Elektrik Dağıtım A.Ş., or UEDAŞ, became part of Limak İnşaat A.Ş. after the company submitted the highest bid, $940 million, in a privatization tender held in 2010.

In March 2022, Limak sold its entire stake in the company to Actis, the British-based global investment firm. Actis has not transferred any of its shares since the acquisition.

The transaction is expected to close after receiving approvals from regulatory authorities, including Türkiye’s Energy Market Regulatory Authority and Competition Authority.