Turkish retailer Migros has quit its Russian venture Ramenka ahead of a possible sale of the company.
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Migros has sold its 50% stake in Ramenka to Turkish energy-to-construction conglomerate Enka Insaat in a deal worth US$542.5m.
Migros, Turkey’s largest retailer, and Enka launched Ramenka ten years ago. The companies operated shopping malls and set up the Ramstore hypermarket chain. Enka is now the sole owner of the venture.
Officials at Ramenka and at Turkey’s Koc Holding, the owner of Migros, both confirmed the deal when contacted by just-food today (11 September) but declined to comment further.
Koc Holding has been conducting a strategic review of the Migros business, which runs 700 supermarkets and hypermarkets in Turkey, since June.
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By GlobalDataTurkish retail group BIM has denied it would be interested in buying Migros, although German multinational retail group Metro has refused to be drawn on reports linking it to the company.
