Carrefour Unit Closes On Supermarket Acquisition

Carrefour SA has reached an agreement to acquire full ownership of Turkish supermarket operator Ipek for about EUR24mn subject to regulatory approval. While the deal itself will not have a transformative impact on Turkish retail, it is further evidence of Turkey's growing importance to Carrefour and ties into our view that consolidation within Turkish mass grocery retail (MGR) will gather pace as key players look to take advantage of what we see being a big long-term upside story.

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