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 | - |
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