Billionaire Şahenk sells Turkish marinas to CVC Capital

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Ferit Şahenk, a Turkish billionaire businessman, is selling the stakes he owns in three marinas in Turkey to investment company CVC Capital, business news website Patronlar Dünyası reported.

CVC Capital has applied to Turkey’s competition board to acquire the shares in the facilities in the resorts of Turgutreis, Didim and Göcek from Şahenk’s Döğuş Group, Patronlar Dünyası said on Thursday, citing the application.

Şahenk has also sold marinas in Greece, Croatia and the United Arab Emirates to Luxembourg-based CVC. Those transactions were agreed in January. His firm will have no direct interests in the sector should the Turkish sales be approved, according to Patronlar Dunyası.

Doğuş Group was among the worst affected of Turkey’s biggest companies from a currency crisis that shook the economy in 2018 after it took on billions of dollars of foreign debt to fund an expansion over the previous decade and a half. It agreed to restructure 2.3 billion euros ($2.6 billion)of debt with 12 banks in December 2018 and announced sales of several key assets, which also included luxury hotels, as part of the deal.

The company has said it plans asset sales worth between 700 million euros and 800 million euros this year to reduce the money it owes the banks to 1.5 billion euros by the end of 2020.

Ahval

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