Turkish retailer Migros Turk has announced in a notification sent to the Public Disclosure Forum that it has reached an agreement to sell its 99.6 per cent share in discount retailer Sok to Gözde Finansal and Bizim Toptan for TL600m (€259m).
'A payment of TL40m was paid in advance at the time the agreement was signed, while the remaining part will be paid at the closing date of the agreement,' the statement sent to the KAP revealed.
US consulting firms JP Morgan and Merrill Lynch had issued a fairness opinion of the acquisition of the discounter by the two retailers, Today's Zaman reported.
As one of Turkey's leading discounters, Sok currently boasts some 1,230 stores across the country, up from 460 in 2007.
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