French firm acquires Turkey's Multinet for $90 million

December 10, 2010
Written by Admin TOA
Published in Turkey

Groupe Cheque Dejeuner has said it purchased Turkish meal ticket provider Multinet from businessman Hayyam Garipoğlu. The transaction, announced at a press conference in Istanbul, is worth $90 million. Cheque Dejeuner ranks among the top three meal card providers in the world, alongside Sodexho and Edenred. Multinet, which was seized by the Savings Deposit and Insurance Fund, or SDIF, in July last year, was handed back to original owner Garipoğlu in accordance with a protocol dated April 9 of this year, the Daily News has learned.

In its report for the last quarter of 2009, the SDIF said Multinet had a book value of 4.5 million Turkish Liras at the date of seizure, Dec. 16, 2009. The sales price is 30 times this amount.

Multinet ranks 201st among the top 500 Turkish companies, according to a list by the monthly Capital magazine.

Speaking to journalists Thursday, Yvon Legrand, the general manager of Groupe Cheque Dejeuner, said Turkey has an “extremely suitable” structure for growth and investment. “I believe we will be the market leader in a short time,” Legrand said.

Şevket Basev, the chief executive of 3 Seas Capital Partners, who arranged the deal, said Turkey has “once again proved its institutional infrastructure and stability” with this acquisition. Source: Hürriyet Daily News & Economic Review.

Last modified onSaturday, 06 May 2017 10:07

Tagged under