Turkish Battery Maker Mutlu Akü Acquired by US Firm
In a major liquidity event for the Turkish industrial tech scene, auto battery manufacturer Mutlu Akü has been fully acquired by U.S.-based holding company Quexco Incorporated. The deal signals growing confidence from international strategic buyers in established Turkish hardtech assets and provides a rare exit example for the local ecosystem.
The acquisition by Quexco Incorporated was valued at $110 million, with the sale and purchase agreement signed on September 16, 2024. The deal, which involved Mutlu Akü's previous owner, South Africa-based Metair Investments, officially closed in January 2025 after receiving approval from the Turkish Competition Board in November 2024. The sale represented a strategic exit for Metair Investments, which had been looking to sell its Turkish battery operations since early 2022. The parent company's decision was influenced by Turkey's challenging economic landscape, including high inflation and interest rates, as it shifts its focus to automotive components in the South African market. For Metair, the divestment was a move to de-risk its finances; Mutlu Akü had accounted for 73% of the group's interest costs and 23% of its net debt. The Turkish battery maker's performance had been under pressure from hyperinflation and a sharp drop in exports due
