KKR -owned newco Trieste Bidco Denizcilik ve Tasimacilik A.S. has acquired 97.6% of the shares in U.N Ro-Ro Isletmeleri A.S. and majority shareholdings in each of its three affiliates (together the U.N. Ro-Ro Group). The transaction values the U.N Ro-Ro Group at EUR 910m on a cash and debt free basis and represents the first financial sponsor-led buyout in Turkey with a value in excess of $1bn. The financing package was arranged by Turkish banks Garanti Bankasi and Turkiye Is Bankasi . KfW has committed to provide financing for four new ships on order. The transaction is expected to close before the end of the year.
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Deal is HTGF's 11th exit during the coronavirus pandemic, and comes seven years after the VC first invested in the company