Is Private Equity has sold a 20 per cent stake in Aras Kargo, a Turkish parcel service provider, to Austrian Post.
As part of the deal, Austrian Post will hold a 25 per cent interest, having acquired a further five per cent holding from the Aras family, who will keep a 75 per cent shareholding of the business. The total value of the deal is TRY125m (€50m).
Austrian Post has a call option entitling it to buy a further 50 per cent stake from the Aras family provided the business reaches key targets by 2016.
Aras Kargo generates revenues of €250m, reaching annual growth rates of 15 per cent in recent years, and delivers 46 million parcels and 32 million documents every year. It has a 25 per cent share of the Turkish market. The company employs 5,400 staff.