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Turkey: A101 Takes Over 89% Shares of CarrefourSA

Discount Retail Chain A101's owner Yeni Mağazacılık A.Ş. has agreed with Sabancı Holding and Carrefour to take over CarrefourSA in Turkey.


The Share Transfer Agreement transfer covers Sabancı Holding's 57.12 % stake in the company, as well as 32.16 % of Carrefour Nederland BV., a subsidiary of the Carrefour Group. With the completion of the transaction, the shares corresponding to a total of 89.28 percent of Carrefour sa's capital will be under the control of Yeni Mağazacılık A.Ş.


Within the scope of the agreement signed between the parties, the transfer will be carried out based on the company value of 325 million dollars, based on the final share value to be calculated according to the net debt and working capital adjustments on the closing date. The transfer transactions will be completed subject to the fulfillment of all closing conditions, including obtaining the necessary approval by the Competition Board; thus, Sabancı Holding and Carrefour Group will not have any share in Carrefour sa.


"WE AIM TO CREATE NEW GROWTH AREAS BY TRANSFERRING OUR EXPERIENCE"

Underlining that the transaction in question is an important part of its long-term growth strategy, Erhan Bostan, a member of the Board of Directors of Yeni Mağazacılık A.Ş., said, "We prioritize creating sustainable value in the organized retail sector with our widespread store network throughout Turkey, strong supply chain and operational efficiency focus. This approach of ours; It includes not only expanding our existing operations, but also creating new growth areas through different business models and formats. In this context, we believe that the combination of Carrefoursa's deep-rooted history and strong store network with our group's retail experience offers significant potential.


It is envisaged that A101 and Carrefour sa will continue their activities independently under different management structures, in separate segments and while preserving their own brand identities. In this direction, our main goal is to work together with all our stakeholders to ensure strong and sustainable growth in the business areas in which Carrefour sa operates and to create a diversified retail structure that reaches a wider customer base."


"WE SHAPE OUR CAPITAL ALLOCATION ACCORDING TO THE PORTFOLIO STRUCTURE OF THE FUTURE"

Sabancı Holding Strategic Investments President Gökhan Eyigünde underlined that they handle their portfolio with an understanding that goes beyond the traditional holding model, emphasizes agility in execution, and prioritizes creating sustainable value for its investors, and said, "This approach; It includes not only expanding existing assets, but also inflows and exits to the portfolio in line with our strategic priorities. In this context, within the scope of our evaluations and our strategic roadmap shared with all our stakeholders, we started the transfer process of Carrefour sa shares in the Sabancı Holding portfolio to Yeni Mağazacılık A.Ş. As part of our dynamic portfolio approach, this share transfer decision, which we took together with our 30-year-old partner Carrefour, is an important part of our vision to create a Sabancı that is much more focused on its future goals. In line with this vision, we shape our capital allocation not only according to today's needs but also according to the portfolio structure of the future. With the new steps we will take in the coming period, we will continue to strengthen our focus in areas where we see potential to create long-term value. Carrefoursa, which has broken new ground in Turkey since the first day it was founded, has also pioneered the development of organized food retail in our country. We have full faith that this flag, which we will deliver to Yeni Mağazacılık A.Ş., will be carried to much higher heights. In this context, we would like to thank all our colleagues, managers and stakeholders who have created value so far; We believe that this strong accumulation will continue to create value in the coming period."




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