Turkey's Tera Group has started talks to acquire Pusula Finans Holding and stakes in several financial services companies owned by the group as part of its growth strategy in the sector, Tera Yatirim Menkul Degerler BIST:TERA said on Wednesday.
In a filing to the Public Disclosure Platform, Tera said the discussions cover shares in Pusula Finans Holding as well as its holdings in Pusula Portfoy, Pusula Yatirim and Katilimevim BIST:KTLEV.
Tera said no binding agreement had been signed and that completion of any transaction would depend on the outcome of negotiations and regulatory approvals.
As of August, Pusula's fund management business managed more than 633 billion lira ($13 billion), while Tera managed 687 billion lira.
Pusula's fund management business saw more than 107 billion lira of outflows following recent regulatory changes restricting hedge funds' ability to concentrate on specific stocks, the company said on X on September 2.
Shares in Tera Yatirim Menkul Degerler BIST:TERA and Tera Yatirim Teknoloji BIST:TEHOL were up 0.1% and 0.86%, respectively, as of 1451 GMT. While Tera Finansal BIST:TRHOL shares were down 0.73%
Meanwhile, shares in Katilimevim were up 10%, hitting the upper trading limit on Turkey's Borsa Istanbul stock exchange.
($1 = 48.4741 liras)