DIA on Monday announced it has reached an agreement to sell the 100% of its business in Turkey to Yildiz Holding A.Ş and SOK Marketler Ticaret A.Ş for 320m Turkish Lira. At current exchange rates, this amounts to some 136.5m euros to be paid in cash, the Spanish company said in a press release.
DIA has operated in Turkey since 1999 with its partner Haci Ömer Sabanci Holding A.Ş through a joint venture, in which it has a 60% stake. The transaction is subject to the approval of Turkish antitrust authorities.
DIA is one of the world’s leading specialist discount food retailers. It now operates in six countries, Spain, Portugal, France, Brazil, Argentina and China, where it operates with over 7,000 stores through its two key formats: DIA Market and DIA Maxi.
DIA Turkey had 1,093 of which 614 were own stores and 479 were franchises. Gross sales under banner were in 2012 EUR469m (4% of DIA’s total sales).