Sabancı Holding’s cement company Çimsa has acquired its local rival Sançim Bilecik Çimento in a deal reportedly worth $220.7 million.

According to a statement released by the Public Disclosure Platform (KAP), the company signed the contract allowing them to purchase 100 percent of Sançim Bilecik’s shares.

The transfer price of the shares, a nominal value of 87.5 million Turkish Liras, has been set as $220.7 million, the statement said.

Sançim was a co-investment company, with 43 percent owned by Sönmez Holding, 38 percent by Aunde Teknik, 10 percent by ENA Tekstil and 9 percent by Umut İnşaat.

Sabancı Holding, which owns the cement firms Akçansa and Çimsa, has said its intentions of expanding by acquiring shares in other companies, stating that it intends to spend between 1 to 1.5 billion liras ($467 to $700 million) on such investments.