Kipa Acquisition Operational Rationale
MIGROS
Overview of Kipa Acquisition
Transaction Overview
Migros acquired 95.5% of Tesco Kipa shares in March-2017
Purchase value of TL 199 million
Implied estimated price per share of TL 0.15638
Acquisition is financed by existing TL credit lines
Pro Forma Impact & Expectations
Number of
Stores - Total²
Sales
Densities³
Kipa Overview
•
Modern grocery retailer focused on the Western regions of
1,605
Turkey with 168 stores, total sales of TL 2,342 million¹ and net
sales area of ~320k sqm, comprising:
-
17 Hypermarkets >6,000 sqm
31 Large Supermarkets between 2,000 and 6,000 sqm
48 Supermarkets
-
72 Express stores
37 retail real estate properties (16 of which are long term
1,773
7,369
ground leases)
Centrally located distribution centre in Torbali, İzmir (owned
property)
Migros
Migros PF
Kipa
Migros
1 Refers to LTM November 2016.
2 Migros as of 2016. Kipa as of 2016.
3
Migros refers to fiscal year ending 31 December 2016, only for Turkish operations. Kipa refers to LTM as of November 2016.
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