Turkey Wealth Fund Management Joint Stock Corporation agreed to acquire additional 89.18% stake in Halk Sigorta A.S. (IBSE:HALKS) from Türkiye Halk Bankasi A.S. (IBSE:HALKB) on December 13, 2019. Parties reached an agreement on April 22, 2020. The transaction, which is part of Turkey's sovereign wealth fund take over insurance and pension companies owned by state lenders and consolidate them, is expected to be completed in first quarter of 2020. Caner Elmas and Eren Kursun of Baker & McKenzie LLP acted as legal advisor to Turkey Wealth Fund Management Company.

Turkey Wealth Fund Management Joint Stock Corporation completed the acquisition of additional 89.18% stake in Halk Sigorta A.S. (IBSE:HALKS) from Türkiye Halk Bankasi A.S. (IBSE:HALKB) for approximately TRY 580 million on April 22, 2020. As part of the transaction agreement signed on same day, TRY 399.78 million was payable in government bonds while remaining amount from total TRY 578.9 million was payable in cash. The transaction is executed at TRY 1.86 per share.