April 26, 2019 / 10:36 AM / 3 months ago

Japan's Nippon Paint buys Turkey's Betek Boya: Unlu & Co

ISTANBUL (Reuters) - An agreement has been signed on the sale of Turkish paint manufacturer Betek Boya to Japan’s Nippon Paint Holdings Co., financial services firm Unlu & Co said on Friday.

Betek Boya, well known in Turkey for its “Filli Boya” brand of paint, was expected to see sales of 1.6 billion lira ($303 million) last year. The value of the deal was not disclosed in the statement.

According to Turkish regulatory filings, German firm DAW holds nearly 25 percent of Betek’s shares, while the majority stakeholder is the Akpinar family of Turkey.

Reporting by Ebru Tuncay; Writing by Daren Butler; Editing by Dominic Evans

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