Turkish retailer Kipa has said that it has agreed to sell a stake in the company to UK supermarket company Tesco.
Kipa told the Istanbul Stock Exchange that it had signed a deal with Tesco to allow the UK retailer to buy 84.33% of its group A shares, reported Reuters.
Final closure of the deal is expected later this year after a number of material conditions are fulfilled.
Tesco said that maximum payable for the entire equity of Kipa was US$118m. Kipa said the two companies had agreed on a valuation of $117.7m for the entire share capital of the company.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData