Boom TV owner takes over Turbo GSM stores

MCS Communications, part of a group that holds the importer of Samsung mobile phones and the satellite TV service Boom TV, has taken over 46 stores from the Turbo Photo&GSM chain and plans to reach a 200-store retail network by the end of 2008. “In July, we completed the takeover process for Turbo stores. The process included 46 stores, all of which are located in highly popular shopping galleries and centres,” Mihai Motora, general manager of MCS Communications, told ZF. The company did not acquire the company holding the Turbo-Rom Photo&GSM SA network, which has remained in the property of businessman Sorin Ilovici. Turbo Photo&GSM posted revenues worth approximately 5.5 million dollars (4.25 million euros) in 2006, and estimated revenues worth 10 million dollars (7.7 million euros) for this year. The transaction with Turbo was similar to the deal by which MCS took over six Future Shop stores held by Flamingo International retailer. The company did not reveal the value of the transaction for either of the two takeovers.