Big technology retailer eyes to buy local firms

ISTANBUL

Sabancı Holding Retail Chief Haluk Dinçer poses after meeting. AA photo

Teknosa, the electronics chain owned by Sabancı Holding is studying up on a Turkish acquisition while also considering a European buy-out, the retail chief Haluk Dinçer said yesterday.

“There are seven technology retail chains in the Turkish market whereas this number is around two or three in Europe, so consolidation in Turkey is unavoidable,” he said, adding that they had also looked for acquisitions in Europe.

The firm plans to use their cash in acquisition activities, as their turnover increased 2.3 billion Turkish liras in a 40 percent growth rate and their net profit reached 50 million liras by a 50 percent growth, surpassing their targets. Although Teknosa has worked with a firm instructed to research acquisitions in Turkey they have yet to hold talks with any firms. Teknosa signed a consultancy agreement with HSBC Investment in August.

However, Teknosa General Manager Mehmet Nane said with the first plan they were looking to target nearby geographical regions for acquisitions, such as Arab countries, the Turkic Republics, the Balkans and Eastern Europe by stating that they might also open branches there.