EspressoLab's majority shares are being transferred to UAE-based Mair Group
While current partners will continue to hold a 30 percent stake, the approval process of the relevant official authorities is awaited for the completion of the sale.
An agreement has been reached for the sale of a 70 percent stake in EspressoLab, one of Turkey's well-known coffee chains, to the UAE-based investment company Mair Group.
Agreement Reached for Share Transfer
The parties have reached an agreement for the transfer of the majority shares of EspressoLab, one of Turkey's leading coffee chains, to the United Arab Emirates-based Mair Group.
According to information reported by CNBC Arabia, within the scope of this strategic agreement, 70 percent of the company's shares will be transferred to Mair Group.
Partnership Structure and Approval Process
Following the executed share transfer agreement, the remaining 30 percent stake in the brand will continue to be held by the current partners.
For the sales agreement to become official and be completed, it requires approval from the relevant official authorities in both Turkey and the United Arab Emirates.
The Brand's Global Growth Network
Founded by Esat Kocadağ, the EspressoLab brand currently continues its operations with more than 400 branches across 23 different countries.
Financial details regarding the transfer transaction of the coffee chain, which has a broad international branch network, have not been disclosed to the public by the parties.