November 17, 2024: The Turkish Competition Board has given the green light to plans for lead mogul Howard Myers’ Quexco Incorporated business to acquire Turkey’s troubled Mutlu Akü lead battery business from South Africa’s Metair Investments.

The $110 million deal was revealed by Batteries International in September.

Metair said on November 12 that Turkey’s competition regulator had issued a ‘deemed approval’ notice, after confirming on November 7 that its consent was not required for the sale.

A further announcement on progress toward fulfilling all conditions linked to the sale will be published in due course, Metair said in a Johannesburg Stock Exchange filing.

Batteries International exclusively revealed in February 2022 that Metair was looking to sell its Turkish operation, along with other battery firms that make up its energy storage division including Rombat and First National Battery.

A sale and purchase agreement between Metair subsidiary Metair International Holdings Coöperatief and Quexco Incorporated was signed on September 16.

Metair said the disposal consideration in respect of its entire shareholding in Metair Türkiye was around ZAR1.95 billion, based on an exchange rate of ZAR17.76 to $1 as of the signature date — payable in cash by Quexco, subject to conditions and customary adjustments, on an as yet unspecified closing date.

The value of Metair Türkiye’s net assets as of 31 December 2023 was ZAR2.9 billion and the loss attributable for the same date was ZAR70.6 million.

Metair said the sale would allow it to primarily become an automotive component manufacturing business focused on South Africa, with a strategic focus on the sub-Saharan African mobility sector.

Quexco is wholly owned and controlled by Myers as chairman. It was founded in 1984, with its predecessor entity dating back to 1974.