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According to information provided to Reuters two sources close, the stock transfer agreement is expected to be signed in the coming days.
A source "Eaton takes all the shares of the main shareholders of Ulusoy Elektrik.The amount of the transaction is expected to amount to about 300 million dollars," he said.
Another source, said the discussions lasted 4-5 months, the final agreement will be signed soon, he added. The same source said: "Eaton has started negotiations with the brokerages for a forced call".
Eaton Corp., headquartered in Dublin, Ireland, told Reuters the question "Eaton's policy, we do not comment on rumors and speculation about our business," the statement said.
Ulusoy Elektrik did not comment on the subject.
80 million lire of capital
Founded in 1985 to produce a wide range of electrical equipment for medium voltage power distribution networks and industrial installations, Ulusoy Elektrik started its activities in Borsa Istanbul in November 2014.
According to information contained in the website of Ulusoy Elektrik, Turkey, Indonesia and the third-quarter net profit of the company, with operations in Algeria was realized only 51.3 million pounds, 30.7 percent EBITDA margin, the net profit margin was also 30.2 percent.
According to information provided by KAP, Sait Ulusoy represents in total 39 million shares of the company Ulusoy Elektrik, with a total capital of 80 million lire; 17.73% are also traded on the stock market. However, with exchange-traded shares held by major shareholders, the float rate is around 30%.
Eaton, an energy management company established in New Jersey (United States), achieved a sales volume of $ 20.4 billion in 2017. Present in more than 175 countries, the company employs 96,000 people.
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