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English
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Evet (Yes)
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Hayır (No)
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15.01.2021, 15.04.2021
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Hayır (No)
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Following our material event disclosure on January 15, 2021, as a result of the negotiations regarding building a strategic collaboration with McKinsey Danışmanlık Hizmetleri Ltd. Şti. ("McKinsey") to improve and execute more efficiently the operations of Aygaz Aykargo Dağıtım Hizmetleri A.Ş. (Aykargo), which is our subsidiary company, in place of the Partnership Framework Agreement dated January 15, 2021, it was decided to continue cooperation by signing a long-term Consulting Agreement ("Agreement") based on success fee which covers the purchase of the same services from McKinsey.
The collaboration between Aykargo and McKinsey covers a total of 7 years,
with 5 years of service term and the subsequent 2 years of success fee payment period ("Payment Period")
. There has been no change in the total cost (Total Service Fee) of the services which is USD 15 million to be offered by McKinsey.
The success fee, which may have a positive or negative impact over the Total Service Fee, shall be calculated by multiplying Aykargo's valuation based on the initial public offering ("IPO") with the McKinsey Success Fee Percentage, if Aykargo shares are publicly offered during the Payment Period. If Aykargo shares are not publicly offered, the success fee shall be calculated by multiplying Aykargo's market value to be determined based on independent valuation with the McKinsey Success Fee Percentage. The service fees invoiced up until the calculation date and the IPO costs in the case of IPO shall be deducted from the success fee calculation. McKinsey Success Fee Percentage shall be calculated according to the formula specified in the Agreement, and the relevant rate is expected to be approximately 20%.
USD 2.5 million of the Total Service Fee
shall be paid to McKinsey in five equal installments by Aykargo.
The balance amount of the invoiced service fee will be subject to payment or cancellation with the success fee to be calculated.
With the contract, Aygaz has declared its intentions that Aygaz and/or other Koç Group companies
owning Aykargo shares
make a cash capital injection of up to
USD 60 million in Aykargo during the service period taking into account the company's activities and operational needs.
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