(MENAFN) Turkey's Oyak, the country's biggest private pension fund, is set to purchase Almatis, the German alumina products maker, from Dubai International Capital (DIC), Reuters reported.
The specifics of the deal remain yet undisclosed. Nonetheless, a source with knowledge of the transaction stated that DIC was capable of getting a price of around USD1 billion.
Through the sale, DIC looks for cutting liabilities as a part of its debt restructuring strategy. Last year, Almatis recorded earnings before interest, tax, depreciation and amortization (EBITDA) of around USD100 million.
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