Tesco in talks with Turkish Kipa

UK supermarket operator Tesco is in exclusive discussions with Turkish hypermarket group Kipa to acquire part or all of Kipa's share capital. The deal is subject to "a number of material conditions", but if cleared, is expected to close in the current financial year, Tesco said in a statement.

Kipa operates five stores in Turkey. Tesco said the maximum amount payable for the entirety of Kipa's equity capital would be GBP 76,2 million, subject to a net cash adjustment.