ANKARA
French retailer Carrefour finalized the acquisition of Turkish supermarket chain Kiler, Carrefour said in stock exchange filing late Wednesday.
International retailer Carrefour’s joint venture company in Turkey CarrefourSA announced that the deal had been finalized, with the French company acquiring 85 percent of Kiler's shares in exchange for cash.
The value of the agreement was 429 million Turkish Lira ($160 million).
Carrefour had announced the acquisition, pending regulator approval, in May.
“We have already set 2015 as a growth year for us and said earlier that we were open to acquisitions. We are now very happy to acquire the majority stakes in Kiler, one of the biggest players of Turkey’s retail market."
"We will continue to assess inorganic growth opportunities in the future as well,” said CarrefourSA CEO Mehmet Nane in a press release on May 15."
