Spanish hard discount banner Dia and local conglomerate Sabanci Holding have sold their business in Turkey to food giant Yildiz Holding.
The deal, worth EUR136.5m (US$177.8m), will see Yildiz buy out Sabanci and Dia’s stakes in DiaSA in an all-cash deal through its subsidiary SOK Marketler. Dia had a 60% stake in DiaSA, while Sabanci owned the remainder.
Dia has operated in Turkey since 1999 through a joint venture with its partner Haci Ömer Sabanci Holding. In 2012, the business recorded gross sales of EUR469m, 4% of Dia’s total sales. The unit operates four warehouses and 1,093 stores.
The transaction is subject to the approval of Turkish antitrust authorities.
In February, Dia, which also operates in Portugal, France, China, Argentina and Brazil, said it ended fiscal 2012 having achieved the targets it set itself at the start of the year after booking an increase in profit boosted by growth in Iberia and Brazil.
Sabanci is also reportedly in “advanced talks” to quit its joint venture with Carrefour in the country as a result of low profitability, according to Reuters. The firm holds a 38.8% stake in the venture. The company however, could not be reached for comment.