Turkish food producer Tat Gida, a division of the Koc Group, has purchased one of Turkey’s largest milk and cheese producer Moova.
Turkey’s food sector is currently seeing a rapid succession of new partnerships and buying and selling activity. In December 2013, Muharrem Kayhan, former Head of the Turkish Industry & Business Association began the search for a buyer for Moova. However, as the result of negotiations with interested parties, the agreement still hasn’t been reached by May 2014.
According to Soktas, after the parent company of Moova has completed negotiations with a number of investors, the Board of Directors resolved to complete the takeover of the dairy firm and sign a transfer agreement of 99.99% of its shares to Tat Gida for TRY 32.27 million on July 1, 2014.
“The acquisition will expand Tat Gida’s product range in the cheese segment, which constitutes a key component of the dairy market”, it says in a statement.
Deal parties used iDeals™ Virtual Data Room platform to securely exchange deal-related documents to complete the deal process.