Doğuş Group Signs Strategic Partnership Agreement With One of The South Korea's Largest Conglomerates; SK Group
1Doğuş Group expands its cooperation with one of the South Korea's largest conglomerates, SK Group. The cooperation that started with an MoU in January in Davos, turns into a strategic partnership. At the signature ceremony attended by Ferit F. Şahenk, Chairman of Doğuş Group, Chey Tae-won, Chairman and CEO of SK Group, Hüsnü Akhan, CEO of Doğuş Group, Yu Jeong-joon, President of SK Holdings and other senior executives, a Strategic Partnership and Cooperation Agreement as well as an agreement for the establishment of an Private Equity Fund between the two groups were signed. Created with a capital commitment of 50 million dollars from each group, the Fund may reach up to 500 million dollars through third party national and international investors that Doğuş Group and SK Group bring into the fund. In addition, the MoU signed with SK Planet, an affiliate of SK Group, in January in Davos to develop new internet business opportunities turned into an E-commerce Partnership Agreement.
Doğuş Group has a portfolio of 126 companies in the finance, automotive, construction, media, tourism and services, real estate and energy industries. The Group turns its cooperation with the SK Group that kicked off in January in Davos, into a strategic partnership.
Chey Tae-won, Chairman and CEO of SK Group, Ferit F. Şahenk, Chairman of Doğuş Group, Yu Jeong-joon, President of SK Holdings, Hüsnü Akhan, CEO of Doğuş Group and other senior executives came together in Istanbul to sign three agreements for a comprehensive strategic partnership between the two groups.
In addition to the Strategic Partnership and Cooperation Agreement, the E-commerce Partnership Agreement and an agreement to establish a private equity fund were signed at the signature ceremony.
Through the Strategic Partnership and Cooperation Agreement, Doğuş Group and SK Group will focus on potential partnership opportunities in their present industries. Similarly, as part of the partnership, both groups plan on providing venture capital predominantly to Turkish companies that have a growth potential. The joint ventures that both groups will create, while taking into account the investment opportunities primarily in Turkey and the region, will focus on; technology and telecommunications, energy infrastructure, natural resources, infrastructure services, media, tourism, and consumer goods and services. Both groups will join forces, building on SK Group's industry-specific experience and strength and Doğuş Group's know-how, local and regional experience and strength, to support Turkish companies and contribute to Turkey's growth and development with the backing of foreign capital.
The private equity fund, created with a capital commitment of 50 million dollars from each group, is expected to reach 500 million dollars through national and international investors that Doğuş Group and SK Group will bring into the fund.
In addition to the strong strategic partnership and cooperation established between Doğuş Group and South Korean SK Group, the strategy and groundwork for the company, created through the e-commerce partnership agreement, have already been completed. During the signature ceremony, the MoU signed with SK Planet, an affiliate of SK Group, in January in Davos to develop new internet business opportunities turned into an E-commerce Partnership Agreement.
Şahenk: We aim to become the industry leader in e-commerce soon
"I believe our partnership with SK Group will contribute significantly to both Doğuş Group's business strategies and Turkish economy" said Ferit F. Şahenk, Chairman of Doğuş Group, at the signature ceremony. "We aim to create opportunities for providing funding and management support to Turkish companies in various industries through our mutual Venture Capital Fund with SK Group. Through our e-commerce agreement we also target becoming the industry leader in a short time by innovative services in internet." Şahenk, also added that the e-commerce industry is growing fast owing to Turkey's demographics as well as increased income levels and rapid adaptation to new technologies.
SK Group Chairman and CEO Chey Tae-won: We will build a true 'win-win' relationship
"Since its establishment, SK has grown steadily into one of the world's leading companies and today we offer a wide array of products and services from energy and petrochemicals to telecommunications and semiconductors. We wish to share our experiences of growth and innovation with you and the Turkish people. With the establishment today of a joint venture for e-commerce and investment funds, I believe that our partnership will soon reach across the globe. As our partnership continues to grow, we will build a true 'win-win' relationship that combines Doğuş's experience in media and finance and SK's expertise in energy and telecommunications."