Austrian Post has completed the acquisition of a 25 percent share in Aras Kargo, a Turkish parcel service provider, following anti-trust approval.
Twenty percent of the shares were purchased from the publicly traded Turkish private equity company Is Private Equity, and a 5 percent stake was purchased from the Aras family, which will continue to own a majority shareholding of 75 percent. Austrian Post reached an agreement with the owners of Aras Kargo to acquire 25 percent of the company in June.
The purchase price amounted to a total of 125 million Turkish liras (about US$64.4 million). Austrian Post also has a call option that it can exercise in 2016, entitling it to acquire an additional 50 percent stake from the Aras family on the basis of Aras Kargo’s business results in 2015/2016.