Agreement reached for the sale of EspressoLab's majority stakes to Mair Group
An agreement has been reached with a United Arab Emirates-based investment company for the transfer of 70 percent of the shares of the Turkey-based coffee chain.
EspressoLab, one of Turkey's well-known coffee chains, announced that the parties have reached an agreement for the transfer of its majority shares to the United Arab Emirates-based Mair Group.
Share transfer ratio and partnership structure
The parties have shaken hands and reached an agreement for the sale of a 70 percent majority stake in EspressoLab, the coffee chain founded by Esat Kocadağ.
As a result of this agreement, the remaining 30 percent share of the company will continue to remain with its current owners.
Global operations and approval process
No official statement was made regarding the sale price of the coffee chain, which currently continues its operations with over 400 branches in 23 different countries.
For the sale and transfer transactions to become official, approval is awaited from the relevant regulatory and supervisory authorities in both Turkey and the United Arab Emirates.