Carel Industries S.p.A. (BIT:CRL) entered into a binding agreement to acquire 51% stake in CFM Sogutma ve Otomasyon A.S. for an enterprise value of €23.1 million euros on May 6, 2021. The transaction is subject to obtaining the approval for the transaction from the local antitrust authorities and other conditions precedent and is expected to close by the end of July 2021. CFM reported a revenue of €14.5 million and Ebitda of €5 million during the year ending December 31, 2020. Lazard S.r.l. acted as financial advisor, Corrado Canziani of Chiomenti Studio Legale acted as legal advisor and KPMG S.p.A. acted as due diligence advisor to Carel Industries S.p.A. (BIT:CRL) in the transaction. Arpat Senocak of Gide Loyrette Nouel Turquie acted as legal advisor for Carel. Duygu Turgut of Esin Attorney Partnership acted as legal advisor for seller.

Carel Industries S.p.A. (BIT:CRL) completed the acquisition of 51% stake in CFM Sogutma ve Otomasyon A.S. on May 31, 2021. Turkish competition authority approval was received. Baker McKenzie advised Murat Cem Özdemir and his wife to sell 51% of their shares in CFM Sogutma ve Otomasyon A.S.