Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S signed a sales and purchase agreement to acquire Penkon Gida San. A.S. from Penguen Gida, Gençoglu Holding A.S. and others for an enterprise value of €36.5 million.

Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S signed a sales and purchase agreement to acquire Penkon Gida San. A.S. from Penguen Gida (IBSE:PENGD), Gençoglu Holding A.S. and others for an enterprise value of €36.5 million on July 9, 2013. Under the terms of the agreement, Penguen Gida (IBSE:PENGD) and Gençoglu Holding A.S sold 25% stake each in Penkon Gida to Anadolu Etap.

The acquisition is subject to relevant authoritie's approval and determination of the net price pursuant to a financial audit carried out by an international audit company in accordance with IFRS for the period ended June 30, 2013. Ernst & Young provided due diligence and acted as accountant to Anadolu Etap.