The privatisation tender for 100 percent of the world's largest passenger and vehicle transport company, Istanbul Deniz Otobüsleri (IDO), has concluded, with a consortium including Turkey's Akfen Holding and the UK's Souter Investments emerging as the successful bidder.
The company, which was acquired for US$861 million, owns 82 fast ferries and 52 ferry terminals.
"IDO has a major share in inner city transportation of Istanbul," commented Akfen Holding Executive Member Irfan Erciyas, spokesman for the Tepe-Akfen-Souter-Sera
Consortium. "We see IDO as a profitable investment. The price at the tender has been at a level in line with our feasibility studies. We are planning to finance 25 percent of the tender price with our own resources, and 75 percent with bank loans. We expect the transfer of the shares to be completed within three or four months. Once the transfer process is completed, we are going to make new investments to improve IDO's service quality."
Tepe, Akfen and Souter each own 30 percent of the Tepe-Akfen-Souter-Sera Consortium Group, while the remaining 10 percent is owned by Sera. Five bidders participated in the tender.
