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iDeals™ was involved in the deal between Turkish companies Tat Gida & Söktaş

July 02, 2014

Tat Gida, a division of the Koc Group, has purchased Moova, one of Turkey’s largest milk and cheese producers. All parties involved in the purchase used iDeals™ Virtual Data Room platform to securely exchange deal-related documents throughout the deal process.

Turkey’s food sector is currently seeing a rapid succession of new partnerships and buying and selling. In December 2013, Muharrem Kayhan, former Head of the Turkish Industry & Business Association began the search for a buyer for Moova, which his brother Kilmi Kayhan owned. However, by May 2014 ongoing negotiations with various interested parties had not generated an agreement, so Moova made the decision to suspended production on 20 May to minimize losses.

According to Soktas, the parent company of Moova, on July 1, 2014 after negotiations with a number of investors the Board of Directors resolved to sign a transfer agreement of 99.99% of its shares to Tat Gida for TRY 32.27 million.

Recently, Tat Gida sold Maret, its meat processing division, to Namet, as part of a plan to exit meat processing and strengthen its position in dairy products.

iDeals™ Solutions has been a provider of secure document management services to the investment, legal and life sciences sectors since 2008. Our flagship product is iDeals™ VDR, a next-generation application that is utilized by companies and leading advisors in over 30 countries around the world.

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