 has put the assets of defense contractor Assan Group up for sale for $416.5 million after the company was put under state trusteeship as part of an "espionage" investigation in 2025.){kind=link}
Turkey’s Savings Deposit Insurance Fund (TMSF) has put the assets of defense contractor Assan Group up for sale for $416.5 million after the company was put under state trusteeship as part of an “espionage” investigation in 2025.
The sale covers the Assan Group Commercial and Economic Integrity, a package of assets assembled from Assan Group Makine Savunma Sanayi, which has been managed by court-appointed trustees since August 2025.
According to a notice of tender published in the Official Gazette on Thursday, the package includes real estate used in the company’s defense operations, allocated land, machinery and equipment, fixtures, assets subject to financial leasing agreements, trademarks, domain names and existing contracts.
Assan Group manufactures military equipment and defense systems and exports its products to dozens of countries.
The TMSF set the asking price at $416.5 million and requires bidders to provide a $41.65 million deposit to participate in the tender.
Prospective investors must pay $50,000 to review or purchase the tender specifications and an additional $100,000 for access to a data room and site visits. The data room will be open from June 10 to July 6.
Bids must be submitted in person to the sales commission by 4 p.m. on July 7. The tender will be conducted in US dollars using a combination of sealed bids and an open auction.
The auction is scheduled for July 8 at TMSF headquarters in İstanbul’s Esentepe district. If the highest bid remains below the asking price, the fund’s board may continue the process through negotiations on July 10.
The Assan Group came under state control in 2025 after the İstanbul Chief Public Prosecutor’s Office launched an espionage investigation into the company. Prosecutors accused owner of the group Emin Öner and general manager Gürcan Okumuş of espionage, and the TMSF was later appointed trustee for 10 companies operating under the Assan Group umbrella. The criminal case against the executives remains ongoing.