Austrian Post plans expansion in Turkey
Austrian Post is looking to ramp up its presence in Turkey by increasing its stake in parcel delivery company Aras Kargo. Austrian Post acquired a 25% stake in Aras Kargo in 2013 for EUR 49 million. The Turkish company was owned 80/20 by the Aras family and the Istanbul-based private equity firm Is Private Equity, which invested $9.8m in the company in November 2011. Austrian Post took the 20% holding from Is, along with a 5% share of the company from the Aras family.
As part of the 2013 agreement, Austria Post had an option to acquire a further 50% stake in Aras Kargo, from the Aras family, which would take Austrian Post’s overall stake up to 75%.
Austrian Post Chief Executive Georg Poelzl announced on Tuesday (21 April) that the company will be looking to exercising the option. It is expected that Austrian Post will paying around EUR 100-150 million in cash, according to information published by Reuters.
Aras Kargo, which has been in business for more than 30 years, has annual revenues of around EUR 280 million and delivers more than 45 million parcels a year.
