The Kuwait Investment Authority (KIA) and its affiliate Wren House Infrastructure have agreed to buy Turkish power producer Zorlu Enerji’s entire stake in electric vehicle charging operator Electrip Global for $147.6 million.
Zorlu Enerji signed the share purchase agreement on Monday, the company said in a disclosure to Turkey’s Public Disclosure Platform. It will sell 16,128.52 shares, equal to 41.28% of Electrip’s voting A shares, for a total of $147,619,178.97.
Zorlu said it would use the proceeds for capital spending and to meet some of its financial obligations.
The sale will be paid in cash and is expected to be completed on October 22, Borsa.net reported, citing the filing. Once it closes, Zorlu will no longer hold any stake or voting rights in Electrip.
The deal value is equal to 20.1% of Zorlu Enerji’s revenue in its latest annual financial statements, according to the filing. The company said it would report any gain or loss from the sale in its financial statements for the year ending December 31, 2026.
Electrip was formed through a partnership between Zorlu Enerji and Wren House. It operates the Zes charging network in Turkey, which has more than 5,000 charging points at nearly 2,000 locations, according to Zorlu’s website.
Outside Turkey, Electrip runs more than 1,300 charging stations in Italy, Poland, Greece, Bulgaria, France and Croatia.
Wren House bought a majority stake in Zes from Zorlu Enerji for $50 million under an agreement signed in September 2022, according to a Zorlu disclosure at the time.
