South Africa based multinational media company Naspers is to become the sole owner of markafoni, a Turkish private shopping club, through its subsidiary Allegra BV. Naspers, which already owns more than 70% of markafoni, applied to the Turkish Competition Authority for approval to acquire the remaining 28.8%.
If the application is granted by the Authority, Tolga Tatari , Ahmet Sarı and Sina Afra, and other co-founders of markafoni, will transfer all of their shares to Naspers which currently operates in 129 countries with a 23 billion dollar market value.
You can see the official application document published on the Turkish Competition Authority page below:
In 2011, nearly 70 percent of the shares of markafoni, the third biggest e-commerce company in Turkey were acquired by MIH-Allegro in a deal putting the market value of the company at around $118 million. It was rumoured at the time of the deal that the terms included the condition that the markafoni owners would eventually transfer their shares within three years of the acquisition.
We expect that Sina Afra, Ahmet Sarı and Tolga Tatari, the markafoni co-founders, will make an official statement in the upcoming weeks and will transfer their shares to Naspers either wholly or partially.
We will keep you updated on the upcoming developments.