Yeni Mağazacılık, the Aydın Group company that operates discount retailer A101, has completed its acquisition of an 89.28 percent controlling stake in CarrefourSA.
The transaction closed on July 31, a day after Türkiye’s Competition Board granted conditional approval, CarrefourSA said in a filing with the Public Disclosure Platform (KAP).
The stake comprised the 57.12 percent holding of Sabancı Holding and the 32.16 percent owned by Carrefour Nederland B.V. Both companies have now fully exited CarrefourSA, whose control has passed to Yeni Mağazacılık.
CarrefourSA and A101 will continue operating independently within Aydın Group, retaining their brand identities and separate management structures, a company statement said.
The retailers will also remain focused on different market segments.
CarrefourSA will be led by CEO Hatice Evren.
“Today, we are opening a new chapter,” Aydın Group board member Erhan Bostan said.
“The stronger financial structure resulting from our investment will allow us to take bolder steps.”
Bostan said the company would focus on improving the shopping experience and strengthening relations with suppliers, business partners and employees.
The share purchase agreement was signed on April 17 and used an enterprise value of $325 million as its basis. The final equity value was to reflect adjustments for net debt and working capital at closing.
