Paksoy has advised Migros on its acquisition of Tesco Kipa from Tesco Overseas Investments Limited. The share purchase agreement was signed on June 10, 2016, and the deal closed in Izmir on March 1, 2017, following clearance from the Turkish Competition Authority. Herguner Bilgen Ozeke advised the sellers on the deal.
Migros acquired a net sales area of approximately 320,000 square meters, including 48 hypermarkets, 48 supermarkets, and 72 express stores from Tesco Kipa, which is active mainly in the Aegean region. In addition, Migros acquired 26 shopping malls. The transaction increases the number of Migros stores to 1782 across 73 cities in Turkey and abroad.
The Paksoy team advising Migros included Partners Sera Somay and Togan Turan, Counsel Derya Genc and Senior Associate Nazli Bezirci.
Herguner Bilgen Ozeke did not reply to our inquiry on the matter.
Image Source: tescoplc.com