New York, August 6 (alphajetsusa.com) – Turkey’s biggest electronics retailer, Teknosa Inc & Dis Ticaret AS has hired the Turkish investment banking and brokerage arm HSBC Yatirim Menkul Degereler AS of HSBC Holding Plc. The motive behind the deal was to take suggestions on possible acquisition opportunities.
Teknosa sold their 11.5 percent of stake in order to grow organically and through acquisitions both in the field of consumer electronics market. According to the head of Sabanci’s retail group, the company will be using its solid cash positions in order to grow through acquisitions in the expected market consolidations and after that, will be aiming for the next acquisition.
The consumer electronics market of Turkey is expected to grow to 15-24 percent liras, which accounts to around $13.5 billion this year. And Teknosa is expecting to raise their stores from 280 to 300 by the end of this year in Turkey.