Turkish conglomerate Yildiz Holding has acquired a majority stake in discount supermarket chain Sok.
Yildiz, the parent company of Turkish confectioner and processed foods maker Ulker, has paid TRY600m (US$381.7m) to local retailer Migros Ticaret for a 99.6% stake in Sok.
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The stake has been transferred to two Yildiz subsidiaries – financial services unit Gozde Finansal Hizmetler wholesale arm Bizim Toptan Satis – both of which have informed the Istanbul stock exchange that the final ownership structure will include unnamed international investors.
Sok operates 1,230 stores in Turkey with a total retail area of 236,000 square metres and four warehousing operations.
Officials at Yildiz were unavailable to comment on reports that claimed that the company aims to change Sok’s strategy from a centrally-operated discount chain to a centrally-owned franchise and to supply owner-operated stores from its Bizim wholesale business.
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