Bahrain’s Investcorp has agreed to acquire a majority stake in Arvento Mobile Systems, a Turkish firm that specialises in vehicle tracking systems, the alternative investment firm said on Tuesday.
Investcorp did not reveal the value of the deal.
Arvento is the fourth acquisition Investcorp has made in Turkey after Namet, producer of fresh cut and packaged processed red meat products, luxury retailer Orka Group, and agriculture commodities trader and supply chain manager Tiryaki Agro.
Investcorp’s chief financial officer earlier this month said the company is interested in buying European companies, which could benefit from the falling Euro.
The Turkish lira is at an all-time low against the dollar, losing 6.9 per cent so far in 2015 after an 8.9 per cent tumble in 2014.
The founders of Arvento will retain their holdings as minority shareholders and will also remain as part of the management team in the roles of chief executive officer and chief technology officer, the statement said.