Turkish Defense Giant ROKETSAN Acquires ASSAN Group for $471 Million Amidst Legal Proceedings

Turkish defense industry powerhouse ROKETSAN has finalized the acquisition of ASSAN Group, a key supplier of specialized defense components, for a sum of $471 million. The transaction was facilitated through a tender process overseen by the Savings Deposit Insurance Fund (TMSF).

ASSAN Group’s assets, rights, and holdings were put up for sale last month, a move that followed the transfer of its operational control to the TMSF in the preceding year. This oversight by the TMSF was a direct consequence of an extensive investigation initiated by the Istanbul Chief Public Prosecutor’s Office.

The competitive process, conducted today at the TMSF’s headquarters in Istanbul’s Esentepe district, saw ROKETSAN emerge as the sole participant. ROKETSAN’s winning bid of $471 million successfully concluded the bidding, securing full ownership of ASSAN Group.

ASSAN Group is recognized within the Turkish defense sector for its critical contributions, particularly in the development and production of subsystems for munitions, rockets, and missiles. Its product portfolio includes sophisticated warheads, advanced fuze systems, various ammunition components, and other vital defense industry subsystems.

The legal proceedings that led to TMSF’s intervention originated from a prior investigation by the Istanbul Chief Public Prosecutor’s Office, which resulted in the detention of ASSAN Group owner Emin Öner. Subsequently, Öner was formally arrested on charges of military espionage, leading to the appointment of TMSF as trustee for ten companies operating under the group’s umbrella. The investigation also saw ASSAN Group General Manager Gürcan Okumuş released under house arrest.

The prepared indictment named several prominent entities as victims of the alleged offenses, including the Ministry of National Defense, the Mechanical and Chemical Industry Corporation (MKE), the Presidency of The Scientific and Technological Research Council of Turkey (TÜBİTAK), and the TMSF itself. Thirteen companies were cited as financially liable. Prosecutors sought severe penalties, including prison sentences ranging from 10 to 36 years for five suspects, three of whom remain in custody.

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