Migros purchases Tesco Kipa for 302.3 million Turkish lira
Migros pays 302.3 million Turkish lira to Tesco for 95.5 percent of stakes of Tesco's Turkish business, Kipa
Migros, a chain of supermarkets owned by Turkish Anadolu Group, has made an agreement with Britain's biggest retailer, supermarket group Tesco, to purchase the stakes of Tesco's Turkish business, Kipa.
As much as 95.5 percent of Kipa's total stakes were sold for 302.3 million Turkish lira (103 million dollars).
According to the agreement, Migros will incorporate as many as 168 Kipa markets in 21 different Turkish provinces.
The fresh acquisition of Migros followed another move in 2015, in which Migros purchased the stakes of BC Partners.
Migros has 1,454 markets in 72 provinces of Turkey, including 257 branches that joined the chain in 2015.
Migros also has 1,494 markets in foreign countries.
The CEO of the Anadolu Group said he believes Migros is becoming a strong player in the retail grocery market.
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