CarrefourSA acquires majority stake in local supermarket chain

ISTANBUL

CarrefourSA has announced it signed a deal to acquire an 85 percent of stake in Turkish supermarket chain Kiler for 429.5 million Turkish Liras in a written statement.

The agreement will be completed after the required approvals are secured from the authorities, the company added in the statement to the Public Disclosure Platform on May 15.

“We have already set 2015 as a growth year for us and said earlier that we were open to acquisitions. We are now very happy to acquire the majority stakes in Kiler, one of the biggest players of Turkey’s retail market… We will continue to assess inorganic growth opportunities in the future as well,” said CarrefourSA CEO Mehmet Nane in a press release.

CarrefourSA acquired 26 supermarkets of the İsmar chain and 29 supermarkets of an Antalya-based chain in the previous months of the year.

The company increased its revenue by 20 percent in 2014 from the previous year’s figure up to 3.1 billion liras and its net profit up to 100.5 million liras. The company aims to increase its revenue by 30 percent to 4 billion liras by the end of 2015, by investing in some 200 new stores.