Otokar moves to buy Romanian military-vehicles partner Automecanica

ISTANBUL — Turkish armored-vehicles manufacturer Otokar Otomotiv is expanding its European industrial footprint by signing a memorandum of understanding to acquire a controlling stake in Romania’s Automecanica, according to a disclosure filed on the Public Disclosure Platform (KAP) this week.

The memorandum sets out the core principles for acquiring 96.77% of Automecanica’s shares, a Romanian defense company with established production infrastructure and licenses. The targeted closing date for the share purchase agreement is by the end of April 2026, subject to standard closing conditions such as due diligence and regulatory approvals in Romania.

Otokar has won a major contract for the supply of Cobra II 4x4 armored vehicles — an agreement valued at approximately €857 million ($1 billion) for 1,059 vehicles, with a local manufacturing component executed in partnership with Automecanica under a joint venture formed in 2025.

Under this contract 800 of the vehicles will be constructed in Romania. To this end Otokar has established its wholly owned subsidiary Otokar Land Systems SRL.

This subsidiary will take on the acquisition process, with an initial payment of €5 million upon signing of the MoU and the remainder payable at closing. The total enterprise valuation basis used for the share-purchase calculation is approximately €87.8 million, which implies roughly €85 million for the 96.77% stake being targeted.

Automecanica currently holds the facilities and necessary approvals in Romania that are intended to support Otokar’s planned industrial activities—especially related to its ongoing Romanian armored vehicle program.

According to KAP, transferring the shares directly to Otokar is expected to enable activities previously envisaged through a joint venture for the Romania 4x4 tactical wheeled light armored vehicle project to be carried out directly through Automecanica, streamlining execution and strengthening local control.

This week’s announcement follows Otokar’s previous disclosure on Jan. 16, when the company confirmed that Romtehnica has submitted compensation claims totaling approximately 191.85 million Romanian lei (around $45 million at current exchange rates), alleging that the Turkish company failed to meet interim preparation milestones for local production of Cobra II 4x4 tactical armored vehicles in Romania.

Otokar said it has filed a lawsuit to annul the compensation claim but also indicated that it will pay the amount when due while reserving its legal rights.

Otokar had not responded to Defense News’ request for comment on whether the litigation is linked to the Automecanica takeover.

Cem Devrim Yaylali is a Turkey correspondent for Defense News. He is a keen photographer of military ships and has a passion for writing about naval and defense issues. He was born in Paris, France, and resides in Istanbul, Turkey. He is married with one son.

伊斯坦布尔——据本周在公共披露平台 (KAP) 上提交的一份披露文件显示，土耳其装甲车制造商 Otokar Otomotiv 正在通过签署谅解备忘录来扩大其在欧洲的工业版图，以收购罗马尼亚 Automecanica 的控股权。

该备忘录阐述了收购罗马尼亚国防公司Automecanica 96.77%股份的核心原则。Automecanica拥有完善的生产基础设施和相关许可证。股权收购协议的目标完成日期为2026年4月底，但需满足尽职调查和罗马尼亚监管机构批准等标准交割条件。

Otokar 赢得了一份重要的 Cobra II 4x4 装甲车供应合同——该协议价值约 8.57 亿欧元（10 亿美元），涉及 1059 辆车辆，其中一部分是与 Automecanica 合作，根据 2025 年成立的合资企业在当地进行制造。

根据这份合同，其中800辆汽车将在罗马尼亚生产。为此，奥托卡公司设立了其全资子公司奥托卡陆地系统有限公司（Otokar Land Systems SRL）。

该子公司将负责此次收购流程，签署谅解备忘录时将支付500万欧元的首付款，剩余款项将在交易完成时支付。用于股权收购计算的企业总估值约为8780万欧元，这意味着目标收购的96.77%股份价值约为8500万欧元。

Automecanica 目前在罗马尼亚拥有必要的设施和批准，旨在支持 Otokar 的计划工业活动——特别是与其正在进行的罗马尼亚装甲车项目相关的活动。

据 KAP 称，将股份直接转让给 Otokar 有望使之前通过合资企业开展的罗马尼亚 4x4 战术轮式轻型装甲车项目活动能够直接通过 Automecanica 进行，从而简化执行流程并加强本地控制。

本周的公告是在 Otokar 于 1 月 16 日披露之后发布的。当时，该公司证实 Romtehnica 已提交赔偿申请，总额约为 1.9185 亿罗马尼亚列伊（按当前汇率约合 4500 万美元），指控这家土耳其公司未能达到在罗马尼亚本地生产 Cobra II 4x4 战术装甲车的阶段性准备里程碑。

Otokar表示已提起诉讼，要求撤销赔偿请求，但也表示将在到期时支付款项，同时保留其法律权利。

Otokar尚未回应《防务新闻》关于该诉讼是否与Automecanica收购案有关的置评请求。

杰姆·德夫里姆·亚伊拉利是《防务新闻》驻土耳其记者。他热衷于拍摄军舰，并对海军和国防议题充满热情。他出生于法国巴黎，现居土耳其伊斯坦布尔。他已婚，育有一子。