TURKEY: Makro Market buys stake in Uyum Foods
Makro Market has acquired a stake in Turkey retailer Uyum Foods
Dutch supermarket operator Makro Market has acquired a stake in Turkey retailer Uyum Foods.
In a filing to the Istanbul Stock Exchange, parent company Uyum Gida said its partners had agreed to the acquisition of 47% of its shares by Makro Market. This represents 4.5m Group A and 23.9m non-publicly traded shares with a unit price of GBP2.88 (US$4.64) per share.
Uyum Gida operates 55 stores in Turkey, the majority of which are located around Istanbul.
Uyum Gida had previously been in talks with UK retailer Tesco over the possibility of a tie-up. According to a Reuters report negotiations between Uyum and Tesco's Turkey division Tesco Kipa over a potential acquisition recently collapsed. Tesco was unavailable for comment at time of press.
The partnership comes amid stiff competition in the Turkey market. In October, Carrefour was reportedly in talks to combine its venture in Turkey with local rival Migros Ticaret. Last week, German retail giant Metro Group sold its Real grocery chain in eastern Europe to French retailer Auchan, excluding Turkey.
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