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Sabanci Holding, one of Türkiye's largest conglomerates, announced Thursday the sale of its majority stake in Dutch cybersecurity company Radiflow for a symbolic price of $1, incurring a total loss of approximately $5 million.
The Istanbul-based group disclosed in a regulatory filing that the transaction was executed through its Netherlands-based subsidiary Dx Technology Services and Investment BV, which held 69.84% of Radiflow's capital. The stake has been transferred to an existing shareholder of the company.
In its statement to the Public Disclosure Platform (KAP), Sabanci Holding said the sale decision followed the failure to realize expected benefits from Radiflow’s operations. The company cited concerns about the potential adverse impact on its financial statements.
As part of the exit, Sabanci also waived its claim to an outstanding receivable of approximately $2.9 million previously extended to Radiflow. The combined impact of the equity loss and the forfeited receivable has resulted in a total financial loss of around $5 million from the investment.
The holding noted that this outcome is part of a broader organizational restructuring aimed at focusing on its core businesses and new growth platforms. It emphasized that due to provisions made in previous reporting periods, the loss will not have a significant effect on its current financial statements.
The divestment also follows a major leadership transition at Sabanci Holding. In March 2024, Guler Sabanci stepped down as chair of the board after more than two decades at the helm and was succeeded by Hayri Culhaci. The group also announced Thursday the appointment of Kivanc Zaimler as its new CEO, replacing Cenk Alper as part of a broader organizational reshuffle.
Founded in 1967, Sabanci Holding operates in 17 countries, employs over 60,000 people, and manages assets exceeding $87 billion. The group's diverse portfolio spans sectors including banking, energy, industrials, and retail.
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