Koç Holding subsidiary Otokar has completed the purchase of a controlling stake in Romanian defense contractor Automecanica S.A., giving the Turkish vehicle maker a production base inside the European Union.
In a disclosure to the İstanbul stock exchange, Otokar, one of Turkey’s main makers of buses, commercial vehicles and armored military vehicles, said it acquired 96.77 percent of Automecanica’s shares.
Automecanica is a Romanian defense manufacturer with production facilities, technical infrastructure and licenses needed for military vehicle work.
Otokar said in a filing with Turkey’s Public Disclosure Platform that all closing conditions under an April 29 share purchase agreement had been completed and that the share transfer had taken place.
The acquisition makes Automecanica a subsidiary of Otokar.
The company said it had previously paid 10 million euros to the sellers during the memorandum of understanding and share purchase agreement phases of the transaction.
Otokar said it made an additional payment of 46.7 million euros after calculations based on Automecanica’s net debt and working capital figures as of December 31, 2025.
Another 25 million euros will be kept as cash collateral and paid in installments over three years, or released earlier if the sellers provide a bank guarantee.
The final purchase price will be determined after a closing adjustment based on Automecanica’s net debt and working capital figures as of May 31, 2026.
The purchase is important for Otokar because it gives the company direct manufacturing capacity in Romania, an EU and NATO member country.
Local production can matter in defense contracts because governments often require military equipment to be built partly inside the purchasing country.
Otokar is expected to use Automecanica for work linked to Romania’s 4×4 tactical wheeled light armored vehicle project.
The project involves Otokar’s Cobra II armored vehicles, which are designed to carry troops and provide protection against gunfire, mines and other battlefield threats.
The deal also strengthens Otokar’s position in European defense procurement at a time when European countries are increasing military spending after Russia’s full-scale invasion of Ukraine.
Koç Holding is one of Turkey’s largest business groups, with companies in energy, finance, durable goods, automotive production and defense.
The acquisition marks one of the group’s latest steps to expand its defense industry footprint outside Turkey.