In a statement, the groups said they signed a strategic cooperation deal which could enable significant long-term joint investment opportunities and carried the potential to boost the presence of IC Holding in Asia.

Sogukpinar previously worked in airports in Turkey’s southern Antalya city and capital Ankara, and oversaw numerous projects in Turkey and abroad while working at IC Holding, the statement said.

Separately, a Turkish news website Airporthaber reported on Monday that the two companies also entered into a 50% partnership agreement for Sabiha Gokcen airport.

The airport’s concession holder ISG and IC Holding did not respond to a request for comment about a stake purchase.

Sabiha Gokcen airport, home base to Pegasus Airlines and Turkish Airlines’s low-cost brand Ajet, is the third busiest airport in Turkey after Istanbul Airport and southern Antalya airport.

The airport’s second runway, expected to double annual passenger capacity to more than 85 million, was commissioned on Monday.