Nurol Holding announced that it will acquire BAE Systems’ shares in FNSS Savunma Sistemleri A.Ş. the company will continue its operations under its ownership.
FNSS announced an agreement that underlines a long-standing partnership. Under the agreement, Nurol Holding will acquire the per cent 49 of the shares held by BAE Systems in FNSS Savunma Sistemleri A.Ş., securing full ownership of the Turkish defence company. The acquisition, which was recently agreed upon, is now under approval from the Turkish Competition Authority. There has been a change in the partnership structure of FNSS in the past. BAE System transferred two of its shares, which gave it the majority right, to Nurol Holding, ensuring that the majority was Turkish.
FNSS was founded as a joint venture between FMC Corporation and Nurol Holding as FMC Nurol Savunma Sanayii A.Ş.
After this final approval process, the acquisition will be official. As the majority shareholder with 51 per cent of this long-standing partnership for several decades, Nurol Holding will become the 100 per cent owner of FNSS. This strategic acquisition is poised to bolster FNSS’s innovative capabilities, expand its reach in both local and international defence markets, and support enhanced financial growth.
The acquisition of full ownership by Nurol Holding ensures the continuation of FNSS’s brand.
FNSS’s vehicle and turret portfolio, including its brands such as KAPLAN, PARS, OTTER, MAV, ACVAD, SABER and TEBER, will remain intact, continuing to thrive under their FNSS identity. Full ownership by Nurol Holding will align FNSS with a unified strategic vision in concert with the strategic goals of the Secretariat of Defence Industries (SSB) and Nurol’s long-term objectives, allowing for streamlined operations and concentrated growth efforts.
Nurol Holding and FNSS Board Member Gürol Çarmıklı said at the press conference held at the company that FNSS has always been a company that Nurol is proud of.
Stating that they were pleased with transferring all company shares to Nurol, Çarmıklı said, “The future will be much clearer for us. We also think that good synergies will be achieved with our other companies. Our group companies, Nurol Makina and FNSS operate in the same field, but both of our companies are very successful in their own lanes. We do not plan to merge our two companies. They have done good work, and we think they should continue this way. There will be no change in FNSS’s field of activity, mission and vision, business strategies or working principles.
We think that we, as Nurol, will carry FNSS much further.” When asked whether they had plans to publicly offer their defence industry companies, Çarmıklı said, “We think that if we do something like that, it will be very successful, but we do not have such a study.” Stating that they want to continue to increase their presence in the defence industry as Nurol Holding, Çarmıklı said, “Nurol Makina, Nurol Teknoloji and FNSS... We have planned other projects due to the R&D studies going on for many years in our three defence industry companies. We will be sharing them as well.” Gürol Çarmıklı said, “Being 100 per cent owned by the Nurol Group has definitely increased FNSS’s international business potential, and we will be seeing the results of this.”
FNSS CEO Kadir Nail Kurt shared, “With Nurol Holding’s comprehensive support and the synergy created within the group, FNSS is well-positioned to continue to achieve ongoing success based on innovation and sustainability. With its new structure under 100 per cent ownership of Nurol Holding, FNSS will continue to fulfil all its regulatory, contractual, and financial obligations and responsibilities.”
