(Yicai Global) Dec. 24 -- A consortium led by China Merchants Expressway Network & Technology Holdings will purchase a majority stake in Turkey's ICA Construction for USD689 million to get access to its expressway assets in Istanbul.

The consortium of six companies will buy a 51 percent stake in ICA, as well as a similarly sized stake in Eurasia Motorway Maintenance and Operations, a Hong Kong-based maintenance affiliate, Beijing-based CMET said in a statement yesterday. The deal is pending regulatory approvals.

CMET will pay USD213 million for a 31 percent stake in the Hong Kong-based special purpose vehicle set up for the acquisition. China Merchants Union will have 20 percent of the equity, Zhejiang Expressway and Jiangsu Expressway both 17.5 percent, as well as Sichuan Expressway and Anhui Expressway both 7 percent.

The group will take on the target firm's shareholder loans.

Editor: Emmi Laine