Turkey’s Turkven sells 33% stake in London listed DP Eurasia for GBP25mn

Turkey’s Turkven sells 33% stake in London listed DP Eurasia for GBP25mn
By Akin Nazli in Belgrade February 22, 2021

Turkish private equity fund Turkven has sold its 32.81% stake in DP Eurasia (DPEU/London) to Jubilant Foodworks, the largest food service company in India, for GBP24.8mn, DP said on February 19 in a filing with the London Stock Exchange. DP, launched in 1996 in Turkey, operates Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia.

The deal valued the company at GBP76mn while its market capitalisation stood at around GBP102mn as of February 22.

Jubilant operates the Domino’s Pizza brand in India, Sri Lanka, Bangladesh and Nepal.

In June 2019, Turkven said that it was considering options, including the sale of a stake of up to 29.9% in DP Eurasia.

In 2017, it held an IPO in London. 61.5% of company shares are on free-float.

The company reported a TRY6mn loss for 2019 and TRY11mn for 2018.

It is the largest pizza delivery company in Turkey and the third largest in Russia. It had 771 stores (550 in Turkey, 190 in Russia, nine in Azerbaijan and four in Georgia) at end-2020.

Some 29% of its stores are owned by the company and the remaining 71% are franchise stores.

Turkven’s shareholders include the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank and the Dutch FMO (Entrepreneurial Development Bank).

Currently, Turkven, launched in 2000, also has stakes in Turkish packaging company Elif Holding, Turkish parcel services provider MNG Kargo, hospital chain operator Medical Park (MPARK), footwear retailer Flo, ready-wear retailer Koton and software company Mikro Yazilim (Parasut)

In December, Turkven sold its 60% stake in Turkish pumps manufacturer Vansan to Japan’s Ebara. Ebara also bought the remaining 40%. It paid $108mn for the full stake.

 

Major M&As in Turkey
Date Sold Stake Price Buyer Seller
Apr-21 26MW Tortum hydro full on sale privatisation call OIB/EUAS
Feb-21 DP Eurasia (DPEU/London) 32.81% GBP24.8 Jubilant/India Turkven
Feb-21 Isbir Mewar/India 50% - Isbir Indian partner
Feb-21 Malwation - - Alesta, Sertac Ozinal Funraising
Feb-21 Ulusoy Un (ULUUN) - - Soke Un(Mediterra/Netherlands) -
Feb-21 Mowico full $1.6mn Tmob -
Feb-21 Farhym Otomotiv full - Makel Hymer-Leichtmetallbau/Germany
Feb-21 Legna Medikal - - Semih Kocak Fundraising
Feb-21 Akkuyu Nuclear Plant 0.82% RUB1bn unknown Inter RAO/Russia
Feb-21 Bankpozitif 100% - HR Bank/UK Tarshish(Israel)-C Faktor.
Feb-21 makromusic - - Omer Erkmen Fundraising
Feb-21 Prosim - - RD Global & Invamed -
Feb-21 MTS Teknoloji (PayCore) 100% - Mediterra/Netherlands Sancak
Feb-21 Kartek Holding 76% - Mediterra/Netherlands -
Feb-21 Arolez Gida - - Masterbaker/UAE -
Feb-21 Pubinno - $1mn Twozero Fundraising
Feb-21 Birlesik Odeme - - Oyak Portfoy -
Feb-21 Ramstore Bulgaria/Macedonia 100% - City Plaza/Macedonia Migros (MGROS)
Jan-21 13MW Gumuskoy geothermal 100% - Albioma(France)-Egesim BM Holding
Jan-21 USK 100% $63mn Ak-Kim (Akkok) -
Jan-21 Isik Plastik 21.8% TRY52mn @Borsa Istanbul IPO
Jan-21 Durumle - - Mediterra/Netherlands  
Jan-21 50MW gas/Congo - - Aksa Enerji (AKSAE) privatization
Jan-21 Migros (MGROS) 11.8% TRY941mn @Borsa Istanbul BC Partners/UK
Jan-21 BluTV 2.77% - Twozero -
Jan-21 BluTV 35% - Discovery/US -
Jan-21 Kiziltepe gold mine JV 53% $37.75mn Ariana/UK Ozaltin, Proccea
Jan-21 Plas Met 75% €21.5mn Motherson/India Founder Erol Senol
Jan-21 Azerbaijan lottery - - Demiroren privatization
Jan-21 Aykargo 20% - McKinsey/US Aygaz
Jan-21 30 shopping malls claim claim banks fire sale/execution
Jan-21 Turknet 40% - Re-Pie Gulf/Luxemburg
Jan-21 Ejder Kimya - - IMCD/Netherlands -
Jan-21 Enerya full - Ahlatci STFA / Swiss Partners
Jan-21 Unnamed electricity grid - rumour Actis/UK -
Jan-21 34 Carrefoursa stores - - Migros Carrefoursa
Jan-21 Inofab - $1mn Re-Pie/Teknoloji/Fark Fundraising
Jan-21 Getir minority $128mn Moritz/Base/Tiger/Goodwater/Esas/Fiba/Revo Fundraising
Jan-21 Innovera - - Eczacibasi-Taxim-Cyberwise -
Jan-21 Sek Sut full TRY240mn Calli Gida Tat Gida/Koc Holding
Jan-21 Izmitgaz - Baymina(775MW gas) full - Palmet Engie/France
Jan-21 Olmuksan 90.38% €66mn Mondi/UK International Paper/US
Jan-21 Coca Cola/Uzbekistan 57.12% - Coca Cola Icecek Uzbek government
Jan-21 Marmara Forum shopping mall claim claim Akbank Multi/Netherlands
Jan-21 Kumas Manyezit 100% $340mn Erdemir/Oyak Yildiz Holding/Gozde
Jan-21 Hyundai Assan 30% - Hyundai/Korea Kibar Holding
Jan-21 Oyak Beton full - Oyak Cimento merger
Jan-21 2,000 hotels on sale - - -
Dec-20 Antalya Balik - - Marines -
Dec-20 StartupMarket - TRY1.5mn Fundraising Fundraising
Dec-20 Akkim's sulphat plant - - Kimya Market -
Dec-20 Solar plant 954kWp Afyon 100% $1.3mn EYN Teknoloji -
Dec-20 Ozyer's 11 solar plant 100% - Esenboga Elektrik -
Dec-20 Palladium Atasehir full - Akbank Tahincioglu
Dec-20 United LPG/Bangladesh 50% $0.6mn Aygaz United Enterprises
Dec-20 Figopara - $4.6mn Finberg/Eczacibasi/Lima Fundraising
Dec-20 Arma Ilac full - Hektas/Oyak Oyak Biyoteknoloji
Dec-20 Agriventis/Australia 51% - Hektas/Oyak Oyak Sermaye
Dec-20 Carrefoursa 1.96% market price @Borsa Istanbul Sabanci Holding
Dec-20 Bereketli wind power 100% - Is Portfoy/Isbank Kinesis
Dec-20 Akbank 0.08% TRY26mn @Borsa Istanbul Akbank Pension Fund
Dec-20 Akbank 0.01% TRY3mn @Borsa Istanbul Akbank Pension Fund
Dec-20 Sigorta Cini full - Buba Ventures NN/Netherlands
Dec-20 ICoNiChem/UK full - Eti Bakir GIL/UK
Dec-20 Vansan/Cigli 100% $108mn Ebara/Japan Turkven
Dec-20 Les Ottomans Hotel full TRY430mn Akbank Unal Aysal
Dec-20 Pidem minority - Mediterra/Netherlands Founders
Dec-20 Hitachi/China-Thailand 60% $300mn Arcelik Hitachi/Japan
Dec-20 Telesis 100% $0.5mn Karel -
Dec-20 Onnect (Bigger Games) full $6mn+$1mn Rollic (Zynga/US) CHEF/Turkey
Dec-20 BIM Morocco 35% $80mn UK Helios BIM
Dec-20 Sasa - TRY200mn @Borsa Istanbul buyback
Nov-20 Aegon Turkey 100% - Vienna Insurance/Austria Dutch Aegon
Nov-20 Cukurova Airport - €297.1mn Kozuva privatization
Nov-20 Teknosa 10% market price @Borsa Istanbul Sabanci Holding
Nov-20 Borsa Istanbul 10% $200mn Qatar Turkey
Nov-20 Bulutistan 25% - Ak Portfoy/Akbank Fundraising
Nov-20 Istinye Park 30% $300mn Qatar sovereign fund Dogus Holding
Nov-20 Wizsight - - UK YouGov -
Nov-20 Deka - €62mn UK Voltex Rotschild -
Nov-20 MT Plastik 70% - German Simona Local owners
Nov-20 Fujitsu Turkey full - Hitay Holding Fujitsu
Nov-20 Turkcell 5% $205mn @Borsa Istanbul Fridman
Nov-20 Keskinoglu 100% - Ziraat-Halk-Vakif Mehmet Keskinoglu
Nov-20 Temsa 50% - Czech PPF -
Oct-20 Meditopia - - Atlantic/Germany -
Oct-20 Hemenal 100% $8.9mn Oyak Portfoy -
Oct-20 Antalya Port full $140mn Qatar Global Ports
Oct-20 PayCore majority - Mediterra/Netherlands -
Oct-20 Akdeniz Kimya-Chemson merger merger Oyak merger
Sep-20 BulutKlinik - $0.1mn Teknogirisim -
Sep-20 Barty 20% $0.1mn Geometri, Bati -
Sep-20 Axell Studio - $0.4mn Destex, Rasyonel -
Sep-20 Bakiyem - - Alesta, Sertac Ozinal Fundraising
Sep-20 OM Pharma 28.5% TRY4.2bn Abdi Ibrahim -
Sep-20 Uluder Elektrik - - Mesut Altan/Idris Cakir -
Aug-20 Milangaz 100% - Oyak -
Aug-20 Gunes S., Halk S., Ziraat S., Halk H., Ziraat H., Vakif E. 100% $953mn Turkey Wealth Fund Ziraat Bank, Halkbank, Vakifbank
Aug-20 Mobilexpress - $2mn Collective Spark Series A financing round
Aug-20 Haznedar 60% - Imerys -
Aug-20 Rollic 80% $168mn Zynga Founders
Aug-20 Nicat - - Alesta Fundraising
Jul-20 Atar Labs - - Micro Focus/UK -
Jul-20 Petgaz - $60mn BDY Oteko/Russia
Jul-20 Dogus Marina 100% - CVC/Luxemburg Dogus Holding
Jul-20 FineDine - $0.6mn 500 Istanbul/TechOne/etc. Fundraising
Jul-20 Moka Odeme 100% $3.8mn Isbank -
Jul-20 Akinon - $5mn Fundraising Fundraising
Jul-20 BirFatura - TRY0.6mn Alesta Fundraising
Jul-20 Insider - $32mn Sequoia, Riverwood, Endeavor, Wamda Fundraising
Jul-20 Vivense - $130mn Actera Fundraising
Jul-20 Bren - - Alesta Fundraising
Jul-20 Hubbox - - Alesta Fundraising
Jul-20 Sunrise Food minority - Qatar Tiryaki Agro
Jun-20 Natro 100% - team-blue Founders
Jul-20 Clotie - TRY0.7mn Albaraka/Angel Effect Fundraising
Jun-20 Vomsis - TRY0.7mn Albaraka Fundraising
Jun-20 Silopi Elektrik 5.40% $45mn Park Holding Fundraising
Jun-20 Aras Kargo 55% - Austria Post Aras family
Jun-20 Turkcell 24% $530mn Turkey Wealth Fund Telia Sonera
Jun-20 Payguru 100% - TPAY Mobile Founders
Jun-20 Peak Games full $1.8bn Zynga Earlybird,Endeavor,Hummingbird
May-20 Fio Gaz - - Pietro Fiorentini/Italy -
May-20 Figopara - $1mn - Fundraising
May-20 Almaty Airport/Kazakstan full $415mn TAV / VPE (Russia) -
Apr-20 CY Vision - TRY13.5mn Revo -
Apr-20 Akdeniz Pe-tur - - Aerticket/Germany -
Mar-20 Apsiyon - $5mn Jak Baruh Fundraising
Mar-20 Albayraklar Savunma 20% - Enerkon/US -
Mar-20 Petrogas 100% - Reform Ham Petrol  
Feb-20 Datarow/US - - Amazon/US TeamSQL
Feb-20 Naturelgaz 100% - Socar Turkey LNG -
Feb-20 ING Turkey rumour - - ING
Feb-20 Polat Enerji - mandate Barclays PSP, EDF, Batiyel
Feb-20 n11 mandate - Citi, BoA SK, Dogus
Feb-20 Yeni Elektrik execution $560mn Yapi Kredi, Isbank, Garanti, Vakifbank Unal Aysal
Feb-20 Gunes Sigorta 10% - Turkey Wealth Fund Groupama
Feb-20 Yapi Kredi 12% €400mn Placement UniCredit
Feb-20 Novartis' plant - - Generica Novartis
Jan-20 AFS-Teknic - - Ultimate Europe/Austria -
Jan-20 SODA, ANACM, TRKCM, DENCM - - Sisecam Merger
Jan-20 McDonald's Turkey 100% TRY281mn Birlesik Holding Anadolu Group
Jan-20 HSBC Turkey rumour - - HSBC
Jan-20 Garanti Romania rumour - OTP Garanti
Jan-20 Sanovel 30% $200mn Yamma Investments Toksoz Group
Jan-20 Total, M Oil 100% $450mn Oyak Demiroren
Jan-20 Glovo Turkey 100% - Exit Glovo
Jan-20 JCR Eurasia 85.05% - Consortium Japan Credit Rating Agency
Jan-20 Intourist 100% - Anex Tour Thomas Cook
Jan-20 Getir - $38mn Moritz/Revo/Base Fundraising
Jan-20 Akbank 1.9% TRY9.3mn - Minority shareholders
Jan-20 Halkbank 1.5mn TRY6.76- 6.81 @Borsa Istanbul Halkbank
Jan-20 Gunes Sigorta 27mn TRY2.28-2.45 @Borsa Istanbul Vakifbank
Jan-20 Inteltek 55% - Intralot Iberia Turkcell
Jan-20 Vakifbank D - TRY0.5mn @Borsa Istanbul buyback
Jan-20 Yapi Kredi 0.055% registration @Borsa Istanbul Akkok Holding
Jan-20 Goulette Shipping Cruise 100% - GPH - MSC -
Jan-20 Batiliman 100% $75-110mn Habas Baticim
Jan-20 Neckermann 100% - Anex Tour Thomas Cook
Dec-19 Borsa Istanbul 10% - Turkey Wealth Fund EBRD
Dec-19 Istanbul Gida 100% TRY77mn Yasar Serdengecti Ulker Biskuvi
Dec-19 SISE/TSKB/ANHYT/ISFIN/ISGYO/ISMEN - TRY300mn Isbank buyback
Dec-19 Is Invest 0.226mn TRY4.49-4.55 @Borsa Istanbul Isbank
Dec-19 Is Invest 0.162mn TRY4.29-4.36 @Borsa Istanbul Isbank
Dec-19 ICA 51% $688.5mn Consortium Astaldi-Ictas
Dec-19 Adana, Aslan, Bolu, Mardin, Unye OYAK Merger
Dec-19 SOCAR Polymer 10% - Tekfen Holding Socar-Pasha Holding
Dec-19 Vakifbank 51.85% TRY2.83bn Treasury Directorate of Foundations
Nov-19 Yapi Kredi 9.02% TRY1.41bn Koc Holding UniCredit
Nov-19 Bucher Reisen & Oger Tours 100% - Anex Tour Thomas Cook
Nov-19 Oztiryakiler 28.5% - Hoshizaki Corp. Oztiryakiler
Nov-19 Istanbul Tower 100% $594mn ICBC Turkey Yesil REIT
Sep-19 Air Manas 49% €98,000 Avia Trade Pegasus
Sep-19 Turk Telekom 55% $4.7bn mandate/Morgan Stanley Garanti, Isbank, Akbank
Sep-19 Istanbul Finance Center 36% TRY1.67bn Turkey Wealth Fund Agaoglu
Aug-19 Temsa Machinery 41% - Marubeni Sabanci Holding
Aug-19 Denizbank 99.85% $2.77bn Emirates NBD Sberbank
Jun-19 TSKB REIT 0.142 mn   TSKB @Borsa Istanbul
Jun-19 Coca Cola Icecek 0.16mn/0.07% TRY30.3 @Borsa Istanbul Ozgorkey Holding
Jun-19 iyzico majority $165mn PayU Founders
May-19 Temsa Bus Light Truck 100% TRY375mn True Value Capital Sabanci Holding
May-19 Parasut - - Turkven, Early Bird Revo, Ribbit
May-19 Foriba - - Sovos Revo Capital
May-19 Ictas Surdurulebilir - $100mn EBRD IC Energy Holding
Jan-19 EWE Turkey/Bursagaz/Kayserigaz 100% - Socar/Azerbaijan EWE/Germany
2018 Taiwan Cement Corporation 40% $640mn Oyak -
2018 U.N. Ro-ro 98.8% $1.2bn DFDS/Denmark -
2018 Dogan Medya - $929mn Demiroren Dogan
Aug-18 Trendyol 75% $750mn Alibaba/China -
Jul-18 Elif Holding majority - Alpha Flexibles/Netherlands Turkven
Apr-18 D.ream 17% $200mn Temasek/Singapore Dogus Holding
Feb-18 Medical Park (MPARK) 36.15% TRY1.38bn IPO Turkven etc.
Oct-17 Vansan majority - Turkven -
Jun-17 Mavi Jean (MAVI) 55% TRY1.17bn IPO Turkven etc.
Feb-15 Hepsiburada 25% $400mn Abraaj/Dubai -
May-15 Yemeksepeti - $578mn Delivery/Germany -
May-14 Medical Park (MPARK) 53.34% - Turkven -
2013 Mildo Food 50% - Masterbaker/UAE -

 

Related Articles

Amazon expanding operations in Turkey

Amazon is expanding operations in Turkey amid the COVID-19 outbreak that has driven up online sales.  The company, which arrived in the country three years ago, has commissioned local firm ... more

Turkey reportedly set to hike corporate tax rate to 25%

A parliamentary commission has reportedly approved a bill filed by Turkey's ruling Justice and Development Party (AKP) on hiking the country's 2021 corporate tax rate to 25%. The rate, which ... more

Turkcell ‘takes soundings on possible IPO of internet provider’

Largest Turkish mobile operator Turkcell Iletisim Hizmetleri has reportedly approached several investment banks for an advisory role on a possible share sale at its internet service provider (ISP). ... more

Dismiss