GeoPost has bought a 25% stake in its Turkish partner Yurtici Kargo for EUR 70 million tostrengthen its presence in the country’s fast-growing express parcels market.
Under the transaction, which was announced by Yurtici Kargo in a Turkish-language pressrelease and reported widely in the country’s media, a total value of about EUR 300 million was puton Yurtici Kargo.
Yurtici Kargo generated revenues of about EUR 200 million in 2006, according to Turkishmedia.
“Several companies were interested in the sale, sometimes offering higher amounts thanGeoPost. But profit was not our main goal in this sale,” said Ibrahim Arikan, head of ArikanliHolding, the parent company of Yurtici Kargo.
The two companies already have a joint venture, GeoPost Yurtiçi Kargo, for internationalshipments that are distributed via the DPD and Chronopost networks. They have also invested jointlyin various companies in southeast and eastern Europe and Central Asia.
