Aug. 6 (Bloomberg) -- Teknosa Ic & Dis Ticaret AS, Turkey’s biggest electronics retailer, hired HSBC Holding Plc’s Turkish investment banking and brokerage arm HSBC Yatirim Menkul Degerler AS to advise on possible acquisition opportunities.
Teknosa, which went public May 17 after owner Haci Omer Sabanci Holding AS sold an 11.5 percent stake, seeks to grow both organically and via acquisitions in the consumer electronics market, it said in a statement to the Istanbul Stock Exchange today.
The company, which bought the Turkish operations of Best Buy Co. Inc. in 2011 and Germany’s EP Center in 2007, will “use its strong cash position to grow through acquisitions in the expected market consolidation in Turkey,” Haluk Dincer, head of Sabanci’s retail group, said in a separate e-mailed statement today. “We aim to do the next acquisition in the market,” he said.
Turkey’s consumer electronics market is expected to grow 15 percent to 24 billion liras ($13.5 billion) this year, Dincer said. Teknosa is seeking to increase its stores to 300 from 280 stores by the end of this year in Turkey, chief executive Mehmet Nane said in the same statement.
Darty Plc, the London-based consumer electronics retailer, Media-Markt Tv-Hifi-Elektro GmbH Aachen, a German retailer of consumer electronics, and Media-Saturn-Holding GmbH, another German retailer, are among those operating in Turkey’s retail electronics market.
Teknosa climbed 0.53 percent to 7.60 liras at 11:10 a.m. in Istanbul trading, rising for the second day in a row.
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