Deciding to exercise its purchase option, ATP GSYO records a value increase of 850.5 million TL, progressing towards achieving its strategic goals by acquiring the entirety of ATA Express.
ATP Venture Capital Investment Trust (ATP GSYO) has announced its decision to acquire the entire ATA Express.
According to the statement made by the company, ATP GSYO made its first strategic investment with ATA Express, which owns the Click & Deliver online food ordering platform and the Fiyuu courier delivery brands. In May 2022, ATP GSYO purchased 1% of ATA Express for a fee of 7.1 million TL and created an option for the acquisition of the remaining shares for 705.9 million TL.
In November, an independent valuation study determined ATA Express’s market value as of September 30 to be 1.563 billion TL. Deciding to exercise the purchase option, ATP GSYO will gain a value increase of 850.5 million TL upon completion of the acquisition.
The necessary amount for the acquisition of ATA Express will be obtained through a capital increase by ATP GSYO, and it will meet with qualified investors for the sale of 27 million shares for a total of 956 million TL. With the participation of qualified investors, ATP will own 48% of ATP GSYO and will continue to hold management rights in the shares it owns.
The completion of the sale is expected after obtaining the necessary approvals within the framework of relevant regulations.
‘ATP GSYO’s strategic investments will contribute to the growth of ATA Express.’
ATP CEO Ümit Cinali, whose views are included in the statement, said:
‘With ATP GSYO, we continue to strengthen our solutions that meet the rapidly changing needs of business models transformed by technology by making strategic investments in the areas where we operate. The gains of Click & Deliver, an online food ordering platform that is on the brink of breakthroughs, and Fiyuu, which leads the food delivery sector with its scalable platform, will positively impact all our stakeholders. After the completion of the sales procedures, thanks to the option created by ATP GSYO, the difference of 805.5 million TL between the price it purchased and the current valuation of ATA Express, including our share, will be reflected as a plus value in our financials, and we are pleased to share this value with our investors.’
Cinali added, ‘ATA Express leads the transformation of its industry by effectively using the latest technologies. I believe that the strategic investments of ATP GSYO will also contribute to the growth of ATA Express.’
‘We created a fund of 261 million TL to evaluate new opportunities’
ATP GSYO CEO Hamit Can also stated that ATA Express continues to grow with services to over 240 brands, including strong ones like Burger King, Popeyes, Subway, Arby’s, Sbarro, Usta Dönerci, Usta Pideci, Amasya Et, in the first stage.
Can said, ‘ATA Express is completing the necessary infrastructure work to include more brands under its umbrella as a marketplace platform. We are pleased to see that our investment has increased the market value of ATA Express by approximately 850 million TL to reach 1.5 billion TL. With the approximately 261 million TL income provided to our company after the completion of the qualified investor sales procedures and the payment for the acquisition of ATA Express shares, we have created a fund to evaluate new opportunities.’