The Turkish subsidiary of Carrefour has signed an agreement to acquire 100 per cent stake in Ipek — a local supermarket chain. Ipek operates 27 supermarkets in Istanbul under the Alpark banner. It recorded net sales of 79 million Turkish lira in 2009 (around €41m).
The acquisition, valued at around €24m, is subject to approval by competition authorities, following which the acquired stores will be converted to the Carrefour Express/Market banners over the coming months.
The transaction illustrates Carrefour’s strategy to reinforce its presence in growth countries where the group has leadership positions.
Carrefour operates in Turkey through its subsidiaries, CarrefourSA (58.2 per cent owned by Carrefour and 39.8 per cent by partner Sabanci) and DiaSA (60 per cent by Carrefour and 40 per cent by Sabanci).
In 2009, Carrefour posted net sales of €1,383m in Turkey through its 26 hypermarkets, 165 supermarkets and 675 hard-discount stores.
— IndiaRetailing Bureau