New York-based private equity firm General Atlantic LLC has invested $44 million for a minority stake in Turkey's yemeksepeti.com, an online food delivery business, the Turkish firm said in a statement on Monday.
Yemeksepeti.com Chief Executive Officer Nevzat Aydin said the company would invest the income from the deal in new projects and overseas growth plans. Management of the firm would remain with its current partners.
Turkey's strong economic growth, high-spending young population and its location providing access to emerging markets in the Middle East and Central Asia has made it an attractive destination for private equity investors.
At 75 million and growing, Turkey's population is set to overtake Germany's, currently the largest in the European Union, by 2025. Per capita income has nearly tripled over the past decade, though the crisis in Europe has slowed growth this year.
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