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Oesterreichische Post AG Acquires 25% of Stake in Aras Kargo

Friday, 21 Jun 2013 01:30am EDT 

Oesterreichische Post AG ('Austrian Post ') announced that it has reached an agreement with the owners of the Turkish parcel service provider Aras Kargo to acquire a 25% stake in the company. 80% of the shares of Aras Kargo are in the hands of the company's founders, the Aras family, and 20% is owned by the publicly traded Turkish private equity company Is Private Equity. Provided that approval is granted by antitrust authorities and other various conditions are fulfilled, Austrian Post will acquire the 20% stake in Aras Kargo from Is Private Equity along with 5% of the shares held by the Aras family, which will thus continue to own a majority shareholding of 75%. The purchase price for the 25% stake on the part of Austrian Post amounts to a total of TRY 125 million, corresponding to about EUR 50 million. Moreover, Austrian Post has a call option, which it can exercise in 2016, entitling it to acquire a further 50% stake from the Aras family on the basis of Aras Kargo's business results in 2015/16 and thus potentially increase its shareholding to 75%. 

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