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Benefit Systems SABenefit Systems services to acquire Turkish fitness chain Mars Spor Kulübü for over USD 420 mln
Listed employee benefit schemes provider Benefit Systems has entered into a conditional agreement to acquire 100 percent of the shares of Mars Spor Kulübü and its subsidiaries for a total of over USD 420 million, the company said in a market filing.
The deal is set to be financed through debt, internal funds, and a planned share issuance valued at approximately PLN 800 million (EUR 191.1 mln).
The completion of the transaction requires approval from the Turkish antitrust authority.
"The purchase price is set at USD 420 million as of December 31, 2024, plus an annual increasing remuneration of 7 percent from January 1, 2025, until the transaction closes," the company stated.
Additionally, the price may be reduced by any equivalent of unauthorized cash outflows from the MAC Group.
This acquisition will allow Benefit Systems to expand its operations in Turkey, where it currently operates only through sports card activities.
"The acquisition of the MAC Group, which has a strong position and operates sports facilities within three popular fitness chains in Turkey, is the largest acquisition in the history of our company, which will undoubtedly strengthen our position in this market and significantly enrich the MultiSport Programme offer," said Marcin Fojudzki, a member of the management board.
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