Turkey’s Netlog said to work with Citigroup on possible sale
By Bloomberg
Netlog Logistics, a Turkish transportation business, is exploring options for the company that may include a sale, three people with knowledge of the matter said.
Netlog is working with Citigroup Inc. to find potential buyers for a stake in the company, the people said, asking not to be identified as the information is private. A sale may fetch as much as $500 million, one of the people said. A formal sale process is yet to begin, they said.
Netlog hired Citigroup to review options ranging from a potential stake sale to strategic partnerships or an initial public offering, Vice Chairman Gokalp Cak said in a phone interview on Thursday. No decision has been made, and the company is also considering acquisitions, he said.
Dealmaking in Turkey is set to get a boost as the government embarks on a privatization drive that is attracting international investors, and as buyout firms increase activity. Turkish private-equity firms Actera Group and Esas Holding AS jointly bought U.N. Ro-Ro Isletmeleri AS, a Turkish ferry company, from a consortium led by KKR & Co., the Ankara-based competition board said in August.
Netlog, based in Istanbul, has a fleet of more than 1,000 trailers and 500 truck heads, and ships more than 740,000 boxes each year, according to the company’s website.
A spokeswoman for Citigroup in London declined to comment.
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