Migros Signs Acquisition Contract for "Uyum Markets" And Some Makro Market Stores

16-03-2018

The pioneer in Turkey’s retail sector for 64 years, Migros has signed a contract with Makro Market A.Ş.  to acquire all 56 Uyum Market stores- 53 in Istanbul and 3 in Tekirdağ- and 17 Makro Market stores located in Antalya, demonstrating its commitment to its ambitious growth target and its strategy of being close to customers.

Speaking on the deal, Migros Ticaret A.Ş. CEO Özgür Tort, said: “In line with our commitment to sustainable growth, we continue our investments and leadership for the development of Turkey’s retail sector. We realized this acquisition by means of our organic growth potential, and the efficiencies we have created. As soon as we have the necessary permissions, we will acquire these 73 stores across Turkey. With our experience in retail, we will offer Migros quality service to our new customers in these stores”.

Migros Ticaret A.Ş has signed a contract with Makro Market A.Ş. to acquire all 56 Uyum Market stores- 53 in Istanbul and 3 in Tekirdağ- and 17 Makro Market stores located in Antalya. Following the conclusion of the TL 105 million deal, an application shall be made to the Competition Board by the approval of official trustee in bankruptcy, and if necessary through the consent of courts. Once the decision is finalized, 73 stores will be transferred to Migros Ticaret A.Ş., and the number of stores across Turkey will reach 1,946. After Kipa’s acquisition in 2017, Migros accelerated its growth rate, and closed last year with 38.7% growth.

Speaking on the acquisition deal, Migros Ticaret A.Ş. CEO Özgür Tort said: “In line with our commitment to sustainable growth, we continue our investments and leadership for the development of Turkey’s retail sector. As a natural part of this process, last year we added 355 stores to our portfolio including the Kipa stores, which we acquired in 2017. We are realizing yet one more acquisition by means of our own growth, and the efficiencies we have created. Today, we have initiated the process for taking over 73 Makro Market A.Ş. owned stores across Turkey, including all Uyum Market and certain Makro Market stores. Stepping into the business of food retail two decades ago, Uyum Market has become an important player ever since. Our competency for efficient operations management is a core strength, which differentiates us in the industry. All 73 stores that we acquire through this deal will be equipped with our digital retailing and efficiency tools. Once the permission processes are completed, we will start to offer Migros quality service to our new customers in these stores. This year we are going to serve our customers with more than 2,000 stores in 81 provinces.”