The takeover agreement was signed in Germany earlier in the day, the statement said, without disclosing the financial terms of the deal.

Beko and Alba each own 50 percent of the joint venture, it said.

Beko, owned by one of Turkey's biggest industrial conglomerates Koc, was originally planning to buy a majority stake in Grundig in the hope of expanding its share of the European market. But the company gave up the idea in April.

Beko's director general expressed optimism Thursday that buying even a part of Grundig would help the company increase its sales in Europe.

"This purchase opens a major door for Beko Elektronik both in Europe and the world," Ali Sumeryal said.

Beko, which manufactured television sets for Grundig between 2001 and 2003, exports 80 percent of its production.

US company Delphi Corporation, the world's biggest cars parts supplier, bought Grundig's Intermedia car radio unit last November.

SPACE.WIRE